Mihai_Iacob

Nas100- New ATH this year?

Long
PEPPERSTONE:NAS100   US 100 Cash CFD
To be honest, I don't really understand the fundamental reason for Nasdaq making a new ATH, but I've learned not to argue with the market.
In yesterday's post, I said that it is very probable for Nas100 to reach the previous high and even test the old ATH.
Looking at the chart, we can see very clearly that the recent drop from 16k is a bullish flag correction for the rise started at the beginning of the year and, with the flag pattern broken to the upside and recent strong bullish price action, continuation is very probable.
The next obvious target for bulls is the test of the old ATH, but considering we only need an aprox 4% increase to reach that milestone, this is very probable.
In conclusion, as long as the price is above 15k, bulls are very strong and in total control and another 1k points rise si probable by year's end.


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