NASDAQ 100 : THE CORRECTION IS COMING
- The market is trading above a bullish trendline since mid-April ; The mid-term trend is then bullish.
- However, since the establishment of a new all time high above the psychologic level of 20,000pts, bear traders have taken control of the market.
The RSI indicator has already given a bearish signal by breaking out its own bullish trendline, while both short-term moving averages are reversing to the downside.
- This is a bearish configuration. The bullish trend remains alive, but the sellers are clearly in control on the short-term.
This can be explained by the fact investors are seizing the opportunity brough by the current rising political and monetary uncertainties, to rebalance their portfolios and take some profits out ahead of the summer season.
The next support levels can be found around 18,895pts, 18,525pts, 18,160pts and even below by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- However, since the establishment of a new all time high above the psychologic level of 20,000pts, bear traders have taken control of the market.
The RSI indicator has already given a bearish signal by breaking out its own bullish trendline, while both short-term moving averages are reversing to the downside.
- This is a bearish configuration. The bullish trend remains alive, but the sellers are clearly in control on the short-term.
This can be explained by the fact investors are seizing the opportunity brough by the current rising political and monetary uncertainties, to rebalance their portfolios and take some profits out ahead of the summer season.
The next support levels can be found around 18,895pts, 18,525pts, 18,160pts and even below by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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