New Signal: Markets Rally Provides New Shot Trade Opportunity In Nasdaq 100 and FTSE 100 Now.
Markets Rally following a Bounce Rally of Price Support Level Provides New Shot Trade Opportunity In Nasdaq 100 and FTSE 100 Now. The Nasdaq 100 (CL) following a run from long term trend line support (6,630 level) hit resistance level at 7,760 and decline back below 7,500 resistance level and currently trading at 7,346 price level. Looking at the chart we can see that the Nasdaq will continue its correction down easily to prior support level at 6,800 – 6,900 price level. Shoring at current price level should provide a potential move of up to 500-600 points!
In addition we can see a similar pattern at the FTSE 100 Index, Price bounce of long term trend line support and hit upward resistance at 5,600 price level, considering the UK has just started to shut down their markets due to the Corona Virus, we can see easily a decline back to the 5,000 price level; a potential short move of up to 600 points.