Analysis of Nasdaq 100 (US100) based on Price ActionThis analysis examines the recent price action of the Nasdaq 100 (US100) and identifies potential scenarios based on key technical levels.
Current Situation:
The price has recently moved above a short-term downtrend line, which could indicate a shift in momentum. This development suggests a possibility of upward movement.
Potential Bullish Scenario:
A decisive break and sustained close above the recent resistance level of 19,224 may open the door for further gains. In such a scenario, the index might target the 20,329 level. A successful move beyond that could potentially lead to a test of the historical peak at 22,245.
Potential Bearish Scenario:
Conversely, if the index fails to overcome the 19,224 resistance, there is a chance it could retest previous support levels. These levels are identified at 17,592 and, subsequently, at 16,322.
Conclusion:
The US100 is currently at a critical juncture. The ability of the price to sustain a move above 19,224 may determine its short-to-medium-term trajectory. Both bullish and bearish scenarios remain possible, and traders should monitor price action closely around these key levels.
