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The Nasdaq 100 Industrial Index is trading with a bullish bias and consolidating after rebounding when it reached the 3/8 Murray level around 29,687. The NQ100 is showing a positive signal and is likely to continue rising in the coming days until it reaches the upper band of the uptrend channel around 30,660 points.
On the H4 chart, we can observe the formation of a double top pattern. If this pattern is confirmed, the index should fall below 30,350 points, then it could reach the 21 SMA around 30,000 points and might even reach the 3/8 Murray line around 29,687.
A drop below the consolidation zone or current levels around 30,260 could signal the start of a new bearish sequence, but for that to happen, we would need to see a decisive break below the uptrend channel formed since May 19, with potential targets at 29, 687 and the 200 EMA located at 28,336.
The outlook for the Nasdaq 100 could turn negative if the price falls below the psychological level of 30,000 points; in that case, there could be a sharp acceleration toward the 2/8 Murray target at 28,125.
Our trading plan for the coming hours is to sell, as the market is showing signs of exhaustion. However, we must exercise caution, as the Eagle indicator is showing a positive signal. Therefore, a good strategy would be to wait for confirmation of a double top pattern or a pullback toward 30,660 before opening short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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