The NASDAQ 100 index is showing strong bullish momentum, as evidenced by the formation of a Golden Cross on the chart. This classic buy signal occurs when the short moving average crosses above the long term moving average, suggesting that upward momentum is gaining strength. This technical pattern is widely regarded as a confirmation of a continued uptrend, attracting more buyers into the market.
Currently, the price is testing a key support area around the 38% Fibonacci retracement level, a historically significant zone where buying interest has previously emerged. This provides a strategic opportunity to enter long positions, as the level may act as a springboard for further price appreciation.
We favor initiating buy positions at the current level, with a stop-loss placed below the 61% Fibonacci retracement to minimize downside risk. Our profit target is set just below 22,200, aiming to capture gains before potential resistance emerges. This setup ensures a favorable risk-reward ratio while aligning with the prevailing bullish trend.
Profit & Loss
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