Monthly: NAS100 is rejecting a critical area following last weeks bullish rally. The DXY has been bullish from the 11,000 key level since October 2022 and most recently started pushing in January 2023. Price is still creating lower highs on the monthly, indicating potential downside.
Weekly: 12870 is our current resistance on the weekly. We've seen massive sells offs from this level from June and September of 2022. Price may wick through the zone but closures below that price would indicate a selling opportunity.
Daily: The Daily Key level is very liquid for sellers. I'm expecting price to continue to reject this zone before selling off. Price may liquidity grab to the upside before crashing so be mindful of position sizing and entry. A retest of 12650 would be ideal.
H1 (1 Hour Timeframe)
1H: 2 potential options. We may get both this week as the first sell level (12650) may not be strong enough to take price to the bottom of the range. A retest of the 12800 key level would be ideal for shorts around Wednesday/ Thursday NY Session.
This is not financial advice. The information shared is the opinion of a Chartaddicts analyst. Please do your own research.