Nas100 bulls are challenged at 15570 level

Nas100 has been very dramatic at the start of the festive season. (Hahaha). It is direction is quite unpredictable. But here is one thing we can take notice of: we see a HTF rising channel and for days bears have been trying their best to push price to the support of this channel, but to no avail. Nas100 is held around 15570.00, a level that seems to challenge the bulls. A complete violation of this level we can expect a spike down to the support of the channel. Taking short positions should really be taken with caution at this point, at least using trailing stop once positions are filled. As for my part, I will carefully monitor price once it has reached the support of the channel for potential long positions.

We therefore need to be very patient to wait for price to give us clear direction and opportunities to enter positions.

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