Updated Technical Outlook – NAS100 Breakout Confirmed Bullish (Long)
Bullish View:
• The price has broken above the descending trendline resistance of the symmetrical triangle pattern, signaling a potential bullish breakout.
• Confirmation of breakout is supported by strong bullish candles closing above the resistance.
• A long position is marked with an entry around 18,580, a stop-loss near 18,406, and a target near 18,925.
• This setup indicates a risk-reward ratio favouring the bulls, aiming for continuation toward recent highs.
Bearish Invalidation:
• The bearish view is currently invalidated as price has closed above key resistance.
• Bears would need to see a failed breakout (fakeout) and strong rejection back into the pattern with follow-through below 18,400 to regain control.
• Until then, momentum favour’s the bulls.