How is NSDQ-100 setting up to the 3rd week of the month?
– Closed over 2% higher when compared to the previous week
– Able to break the resistance line and manage to close the week slightly above it, becoming a support line
– All moving averages have changed direction, stating that bears are losing strength
– Although RSI is still below 50, it touched the midpoint level and managed to close at 48
– 14 Moving average still below 21&50, I am expecting a golden cross during this week that will propel the index
– Closed bellow psychological resistance $13000
– MACD still somewhat negative, although it is very close to a bullish signal with 12 almost crossing 26
To check for good entry points, as a positional trader, let’s look at Hourly charts
Divergence & EMA
– Bullish divergence giving our first bull signal
– 14EMA crossing 50EMA giving us our second bull signal
– MACD showing green histogram with 12 crossing 26 giving us our third bull signal
Getting 3 bull signals, price action is giving us a clear LONG signal.
We are also very close to a Golden Cross, 14EMA crossing 21EMA, this is also a strong LONG signal that many investors will surely be looking for.
We are also to revisit the psychological resistance of $13000, +0.5% away, where we will meet with a lot of sell orders, but given the recent momentum, I believe we will soar right through it.
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