NAS100 USD NQ1! NASDAQ 2022 Aug 29 Week
Last week's Weekly TF's weakness overwrote Daily & H4's minor strength.
Test and reject of 13274 level provided good short opportunity.
Market is approaching previous R/S level, as well as the demand line
of the channel.
Possible scenarios:
1) Long if Channel support / 12442 support
2) Short on retracement / rejection at channel's supply line /
rejection of 12735
Weekly = Ave vol down bar close toward low, taking out 3 previous lows
= supply overcoming demand
Daily = High vol down bar close off low = minor demand
H4: Very high vol down bar close at low = possible bearish absorption
Price reaction levels:
Short on Test and Reject | Long on Test and Accept
13587 13200 12735 12442
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Have a profitable trading week ahead.
