NQ - are the bears done selling?
Yesterday's pin bar close could be a sign that selling is getting exhausted. With trendline support tested (and rejected) twice in a week, the odds appear to be in the bulls favour now. Hence I am cautiously bullish at the moment. To be doubly sure, wait for a break up of the near term trendline (in green) to get bullish.
However, should NQ break below the larger red trendline support (though the chance of this happening appears to be diminishing), then it will likely head towards the horizontal support zone of 12200-12300.
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to let me have your comments ! :)
However, should NQ break below the larger red trendline support (though the chance of this happening appears to be diminishing), then it will likely head towards the horizontal support zone of 12200-12300.
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to let me have your comments ! :)
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