The NAS100 daily candlesticks are trading in their bullish channel between the upper blue and red bands. Yesterday’s candle has a lower shadow, connoting buying off the lows.
The hourly chart also showing signs of strength. The trend-following EMAs have crossed up, and it looks as if the momentum-based stochastic is about to follow suit (black ellipses). If it crosses, then a move to the upper quintile (blue arrow) suggests an underlying upwards momentum may be setting in.
The post NAS100 short-term analysis – 20 January 2023 appeared first on FXCM UK.