Past performance is not an indicator of future results
Further to our previous article, the NAS100 moved positively back into the daily chart's bullish area, between the lower blue and lower red bands. Moreover, the current daily RSI still has room to move before registering as overbought. Given this strength, the hourly trend-following indicators are in a bullish formation, with the shorter-term green EMA above the longer-term orange EMA. Our focus now is on the index's hourly momentum. The stochastic is looking to turn up very close to its 80 level. This indicates that the NAS100 is near the upper quintile of its range over the last 15 hours, which denotes potentially strong momentum. As such, a cross upwards will be regarded as bullish. Of importance, the longer the stochastic maintain these levels, the higher the chances for a strong impulse move up.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.