The current NDX100 structure hints that there is a bullish trend in the market that is moving inside a large green channel. Most likely, the bulls are full of strength and over the next trading weeks, the price growth will continue.
If the assumption is correct, we will see a rise near 9329, this level of resistance is on the upper bound of the green channel. Given that the price is well above the red line of the moving average, we can conclude that the bulls are strong and the probability of continuing the trend is very high.
The implementation of a downward scenario is possible in case of loss of strength by the bulls, and if the red line of the moving average near the support level of 8705 is broken below.
In this case, the price will open the way to the next support level of 8557, which is on the lower green bound.
