Nasdaq 100 Index is once again dropping, and it is currently traded around 2324.25. However, there is much technical data that supports a bullish move for today as described below. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic shows a fresh bullish cross which may indicate an impending bullish movement.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
Nasdaq 100 4-Hour Chart