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Trading Signals for NAS100
The NAS100 has recently moved through the support line of a Triangle pattern at 20999.441970689655 on the 4-hour chart. This key level has been tested multiple times in the past, making this breakout significant. The move could indicate a potential shift in the current trend, with the price potentially continuing in its current direction towards 20416.3998.
Trading Strategy and Technical Indicators
- The trading strategy for this signal could involve looking for short-selling opportunities as the price moves towards the target level.
- Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) can be used to confirm the strength of the breakout and potential trend reversal.
- Traders may also consider using Fibonacci retracement levels to identify potential support and resistance levels for profit-taking or stop-loss placement.
Correlated Assets
The movement of the NAS100 can be correlated with other major stock market indices such as the S&P 500, Dow Jones Industrial Average, and the Russell 2000. Traders may consider monitoring these indices for additional confirmation of the potential trend reversal.
Economic Calendar Events
Traders should also be aware of upcoming economic calendar events that could impact the NAS100, such as Federal Reserve announcements, GDP reports, and earnings releases from major technology companies. These events can create volatility in the market and affect the price movement of the asset.
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