The US100 index, representing the Nasdaq market, is a key benchmark reflecting the performance of major tech companies in the U.S. On the 4-hour timeframe, the price action shows a well-structured bullish trend. In this analysis, we’ll review the price structure, key support and resistance zones, and a possible pullback scenario.
Technical Overview
The market in the Nasdaq Index is currently in an uptrend, confirmed by higher highs and higher lows. A bullish trendline is also providing dynamic support.
Range Breakouts
The price has formed multiple consolidation ranges, each followed by a bullish breakout. This behavior suggests periods of accumulation before trend continuation.
Resistance & Reaction
The price is now testing a significant resistance zone. A strong upper wick and immediate rejection indicate selling pressure at this level.
Potential Scenario
As illustrated by the dashed line on the chart, a potential correction may occur. If the price fails to break above the resistance, it could pull back toward the support zone between 22,900 and 23,000. This zone aligns with both a horizontal support and the ascending trendline.
Key Levels
- Major Resistance: Around 23,300–23,350
- First Support Zone: 22,900–23,000
- Secondary Support Zone: Around 22,600 (if the first support breaks)
Conclusion
Despite the prevailing uptrend, there are signs of weakening bullish momentum. If the price rejects the resistance area, a corrective move is likely. Traders should closely watch price behavior around the support zone to make informed decisions.
Submit Your Comments
(Replying)
Please keep in mind to avoid offensive keywords and also fake information.
Be the first one to comment.