Hello everyone,
As expected, Nasdaq 100 has given respect to the trendline and is unable to break and hold. Buyers are not ready to let this market go beyond this trendline and hence they have again taken the control, in my opinion.
In the picture above, It is clear that in daily time frame, the market has formed a very good hammer at a support level as well as trendline. In my yesterday post, the market was well down the trendline, but as I said that the daily candle will confirm where the market may be going. And now, it is quite clear to me, that this market will continue to be bullish again at least for next week and try to retest its ever high again.
Below is the 4H chart, and in my previous post yesterday, I mentioned that the support level at 6672 is very strong and the market was exactly at that point, and so, it has proved to be a strong support and this given support and market turned its trend to up from there.
Market bounced from the support at 6672 and closed at 6804 and forming a very good looking hammer. This price action signal is very strong in my opinion, and this market will surely go to upside. I am buyer at this market.
This is only my view and one should trade at one's own risk. Have safe trading.