Nasdaq 100, Weekly chart - interesting candlestick pattern
The Nasdaq 100 US index has reached the new all-time high level this week. However, it seems to be struggling to keep the price above the previous high at 10156 pts. This level seems to be crucial for further price action.
If that level is defended by the bears at the end of the week the index may fall further. Then it could appear a bearish shooting star pattern with the first potential support at 9755 pts. If this level is also broken a larger corrective movement may appear on the tech stocks.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If that level is defended by the bears at the end of the week the index may fall further. Then it could appear a bearish shooting star pattern with the first potential support at 9755 pts. If this level is also broken a larger corrective movement may appear on the tech stocks.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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