US100: Approaching resistance, pullback likely before breakout

The NASDAQ has shown a strong short-term recovery after breaking a major descending trendline. However, price is now testing a significant resistance zone, and a technical pullback is likely before the uptrend can continue.

📊 Technical Analysis: 30-minute Chart


📉 1. Overall Trend

• Price has successfully broken above a descending trendline (red line), shifting market structure from bearish to bullish.
  
• An uptrend line (green) is now acting as dynamic support.
  
• Price is trading near the upper band of the Keltner Channel, indicating sustained bullish momentum.
  

🟥 2. Resistance Zone: 24,596 – 24,681

• This zone has acted as a strong supply area in the past, causing multiple rejections.
  
• Price is currently testing this area again → a rejection or short-term pullback is highly probable.
  

🟦 3. Support Zone: 24,383 – 24,500

• This zone overlaps with previous consolidation and aligns with the uptrend line.
  
• If a pullback occurs, this area could attract buyers and act as a launchpad for the next leg up.
  

🔁 Potential Trade Setups
✳️ Primary Scenario (preferred):

• Price rejects at resistance → pulls back to support → bounces and resumes the uptrend
  
• Wait for a pullback toward 24,500 – 24,383
  
• Look for bullish price action (e.g., bullish engulfing, hammer) for entry
  

Enter long if support holds:
🎯 TP1: 24,650
🎯 TP2: 24,700+
🛑 SL: Below 24,350 (trendline invalidation)

🔻 Alternative Scenario (risk):

• If price breaks below 24,383 and the uptrend line fails → short-term trend could shift sideways or bearish
  
• Avoid long entries without a confirmed recovery
  
• Re-evaluate trend structure if support fails
  

✅ Conclusion

• A short-term uptrend is in place
  
• However, price is now testing a major resistance zone, and a healthy pullback is likely
  

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