The Nasdaq 100 (NQ) Hit the $8,200 Price Resistance Level; Time to Re Build Your Short Position

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After 1,600 points run of the lows, The Nasdaq 100 (NQ) Hit the $8,200 Price Resistance Level, after forming a nice base and bouncing of long term trenline support line (see our last article). Currently, price hit the 50% Fibonacci retracement level at 8,200 level and also the 200 day moving average is moving at that level. Therefore, we expect price will face a strong resistance in crossing above that level, especially the 8,300 level, in case price fluctuate a little above the 8,200 level. Accordingly, traders looking to profit from the potential price correction down to the 8,000 and 7,800 level, can place a short trade and look to take profit when price move down to 8,000-7,800 level.

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