NQM Technical Analysis: Treading into Uncharted Territory
Today's premarket moves for NQM have presented an intriguing scenario. News induced volatility sent us for a wild ride, with a sharp drop back to yesterday's support near 13430. Expecting a bounce and a wick fill, the surprising strength of the subsequent upward push—smashing through the main resistance—has taken us into relatively unexplored territory.
With the only historical data point being a peak from August 2022, we're stepping into the unknown, but there are a few key levels I'm keeping a keen eye on:
Given the overall 4h trend, I think long plays will be going with the main trend.
Long / Resistance Levels:
13470, 13500, 13550, and potentially 13575 if the bulls take the reins.
Short / Support Levels:
13445, 13425, 13400, and potentially as low as 13360 if the bears seize control, a fall that far would disrupt the structural pattern we've been monitoring.
In such uncharted terrain, it's crucial to remain adaptable and responsive to changing market conditions. Let's see how NQM navigates this new ground. Stay tuned for updates."
As always, remember to trade responsibly and manage your risk effectively.
-The Latin Trader
With the only historical data point being a peak from August 2022, we're stepping into the unknown, but there are a few key levels I'm keeping a keen eye on:
Given the overall 4h trend, I think long plays will be going with the main trend.
Long / Resistance Levels:
13470, 13500, 13550, and potentially 13575 if the bulls take the reins.
Short / Support Levels:
13445, 13425, 13400, and potentially as low as 13360 if the bears seize control, a fall that far would disrupt the structural pattern we've been monitoring.
In such uncharted terrain, it's crucial to remain adaptable and responsive to changing market conditions. Let's see how NQM navigates this new ground. Stay tuned for updates."
As always, remember to trade responsibly and manage your risk effectively.
-The Latin Trader
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