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Nasdaq 100, Hang Seng Index Forecast: "Double Bottom" Signals Bullish Trend Reversal

Nasdaq 100, Hang Seng Index Forecast: "Double Bottom" Signals Bullish Trend Reversal

Margaret Yang, CFA, Strategist

Nasdaq 100, HANG SENG index Technical Forecast: Bullish

  • The Nasdaq 100 index has likely formed a “Double Bottom” following a bearish Gartley pattern
  • This may result in a bullish trend reversal and lead the way to test its all-time high of 14,073
  • The Hang Seng Index (HSI) is challenging a key chart resistance after months of consolidation

Chart by TradingView

The Nasdaq 100 index been in a consolidative state since mid-April after forming a bearish Gartley pattern. This setup is a classic harmonic chart pattern, based on Fibonacci numbers and ratios. It is usually followed by a period of price weakness until a trend reversal signal is observed.

The index has stabilized over the past two weeks, forming a minor “Double Bottom” chart pattern after prices held above the 13,000 support level. A “Double Bottom” is usually found at the end of a downtrend and resembles the letter “W” as highlighted in the chart above. It serves as a popular bullish reversal signal, suggesting that the consolidation phase may have come to an end.

The “Double Bottom” could pave the way for the Nasdaq 100 to retest its all-time highs at around 14,073. Prices breached above the 50- and 100-day SMA lines decisively, suggesting that near-term trend has likely turned positive. The MACD indicator formed a bullish crossover beneath the neutral midpoint and trended higher, underscoring upward momentum.

Hang Seng Index – Daily Chart

Chart by TradingView

The Hang Seng Index (HSI) been in a consolidative period since mid-February, down 6.3% from its recent peak. The index formed a “Double Bottom” pattern as well, but in a larger scale as compared to the Nasdaq 100. This may lend support to the HSI to breach a key resistance level at 29,344 (the 50% Fibonacci retracement) in the days to come.

A successful attempt would likely intensify near-term buying pressure and expose the next key resistance of 29,778 – the 38.2% Fibonacci retracement. A failed one however, may lead to a pullback towards 28,910 for support. This level is where the 100-day SMA line and the 61.8% Fibonacci retracement intercept.

The MACD indicator is attempting to breach above the neutral midpoint, suggesting that bullish momentum may be building.

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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