NDX, fights with strong resistance one more time !
Nasdaq 100 index is going to fight with strong resistance again. Who wins the battle? Lets follow !
This strong resistance is formed by 0.618 Retracement of latest drop in the index from 12897.63 to 11311.05 and a static support/resistance line with several hits which makes it very powerful and valid one.
Our static line acted as strong resistance from Sep to Nov 2020 , then changed the role to support from Dec 2020 to Mar 2021 after break out of the resistance. True break out of this support took place on 10th of Jun 2022 after hot inflation data with a gap down. We had two recent attack to this broken support which most probably were pull backs to the broken support. Now, we may see third attack to the line. Is it able to break the line? We have to wait and watch carefully !.
Please be patient and wait for reaction to the resistance. True break out of the shown key resistance is necessary before opening any long position. A valid rejection from the resistance calls for safe short entry but what are True break outs and Valid rejections? I will publish some video ideas about the topic therefore, If you are interested I will be happy to see you all in our followers family.
Good luck everybody.
This strong resistance is formed by 0.618 Retracement of latest drop in the index from 12897.63 to 11311.05 and a static support/resistance line with several hits which makes it very powerful and valid one.
Our static line acted as strong resistance from Sep to Nov 2020 , then changed the role to support from Dec 2020 to Mar 2021 after break out of the resistance. True break out of this support took place on 10th of Jun 2022 after hot inflation data with a gap down. We had two recent attack to this broken support which most probably were pull backs to the broken support. Now, we may see third attack to the line. Is it able to break the line? We have to wait and watch carefully !.
Please be patient and wait for reaction to the resistance. True break out of the shown key resistance is necessary before opening any long position. A valid rejection from the resistance calls for safe short entry but what are True break outs and Valid rejections? I will publish some video ideas about the topic therefore, If you are interested I will be happy to see you all in our followers family.
Good luck everybody.
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Third attack was unsuccessful ! another rejection from resistance.
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Yesterday,, We had a bullish candle above resistance. Now, a pull back and resumption of up trend is needed for a true break out.
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Index is reaching to broken resistance ! . do we have a pull back and true break out? or it was just a fake one? We will find out soon. Exciting.
