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Trading Signal: NAS100 Emerging Rising Wedge Pattern
An Emerging Rising Wedge pattern has been identified on the NAS100 1-hour chart, indicating a potential trading opportunity. This pattern is in its final wave, following a strong bullish run, and suggests a possible reversal in the near future.
Technical Analysis:
- The NAS100 is currently heading towards the upper triangle line with a possible resistance at 21865.4057.
- If the resistance holds, the Rising Wedge pattern indicates a potential rebound back towards current levels.
- Key technical indicators such as the RSI and MACD are showing signs of potential bearish divergence, supporting the possibility of a reversal.
Correlation with Assets:
The NAS100 is highly correlated with other major indices such as the S&P 500 and the Dow Jones Industrial Average. Traders should monitor these indices for confirmation of the potential reversal indicated by the Rising Wedge pattern.
Economic Calendar Events:
Traders should also pay attention to upcoming economic calendar events that could impact the NAS100, such as GDP releases, employment reports, and central bank announcements. These events can cause volatility in the market and affect the price movement of the asset.
Overall, the Emerging Rising Wedge pattern on the NAS100 chart presents a trading opportunity for traders to consider. By combining technical analysis with an understanding of market correlations and economic events, traders can make informed decisions and potentially profit from the anticipated price movement.
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