The NDX100 stock index assumes the formation of a large bullish trend that moves inside the green channel.
Throughout September, the price moved from the upper green line in the direction of the lower green line. In early October, the price reached the lower green line, pushed off from it and began to rise rapidly back to the upper green wall within the smaller yellow channel. Not so long ago, the market reached the upper green wall, but the bulls could not break through it, we saw a rebound from the upper green line and a rapid fall.
Currently, the price is in the lower yellow area. The bears have recently made an attempt to break through the lower yellow line, however, so far without success. Perhaps they will try again to break through this line standing in their way. If the support level of 16110.7 breaks, a path will open for the bears to the lower green line and the support level of 15222.5.
Alternatively, an upward movement of the price is expected in the direction of the resistance level of 16945.3, which is located on the upper wall of the yellow channel. There is a chance that the bulls will be able to break through this level, then the way will open for them to the next important resistance level of 17420.1, which is located on the upper green wall.
In case of confirmation of a bearish market movement, it is worth considering opening sales deals. When confirming a bullish movement, it is recommended to consider opening long positions.
