US 100 Approaching Crucial Support for Potential Rebound
Based on the chart for the US 100
The US 100 index has been following an upward trajectory, as shown by the ascending price action above the 21 and 50-period EMAs. After a strong rally, the index is experiencing a pullback, approaching a crucial support zone around 15900, which aligns with the 50 EMA. The 21 EMA is still above the 50 EMA, suggesting that the bullish momentum might still be intact.
- **Entry Point**: A bounce from the 15900 support level with an increase in volume could be a potential entry point.
- **Stop Loss**: A stop loss can be placed below the recent swing low at 15800. (Close the trade if any 4H is closing below the SL zone)
- **Take Profit**: Considering the bullish trend, the initial take profit target could be set at the recent high around 16570.
- **Risk Management**: It's recommended to risk no more than 1-2% of your trading capital on a single trade.
**Potential Catalysts**:
Keep an eye on upcoming economic data releases and market news, as they can heavily impact index movements.
**Conclusion**:
The US 100 index shows signs of a healthy retracement within an uptrend. The support zone around 15900 could provide a springboard for the continuation of the bullish trend. As always, monitor the price action closely and adjust your strategy as the market unfolds.
The US 100 index has been following an upward trajectory, as shown by the ascending price action above the 21 and 50-period EMAs. After a strong rally, the index is experiencing a pullback, approaching a crucial support zone around 15900, which aligns with the 50 EMA. The 21 EMA is still above the 50 EMA, suggesting that the bullish momentum might still be intact.
- **Entry Point**: A bounce from the 15900 support level with an increase in volume could be a potential entry point.
- **Stop Loss**: A stop loss can be placed below the recent swing low at 15800. (Close the trade if any 4H is closing below the SL zone)
- **Take Profit**: Considering the bullish trend, the initial take profit target could be set at the recent high around 16570.
- **Risk Management**: It's recommended to risk no more than 1-2% of your trading capital on a single trade.
**Potential Catalysts**:
Keep an eye on upcoming economic data releases and market news, as they can heavily impact index movements.
**Conclusion**:
The US 100 index shows signs of a healthy retracement within an uptrend. The support zone around 15900 could provide a springboard for the continuation of the bullish trend. As always, monitor the price action closely and adjust your strategy as the market unfolds.
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Final TP reached
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