By Anton Eljwizat – The volatility of the Nasdaq 100 continues to be affected by the rapid price swings in the forex market. The last two months have seen a lot of bullish strength in the Nasdaq 100. However, as I demonstrated below, it seems that the bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 4: The Williams Percent Range has peaked at the 0 marker, which means that there may actually be a strong level of downward pressure.
Nasdaq 100- Daily Chart
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