Nasdaq 100 further gains to be expected 📈

Hello, good day traders! 👋🤙

📰Fundamentally,

Stocks rose across the board after Federal Reserve Chairman Jerome Powell signaled a slowing in the pace of tightening as early as December, while also indicating more hikes to combat inflation. Bond yields have fallen in tandem with the dollar.

The S&P500 reached a two-month high, marking the longest monthly winning streak since August 2021. The index also broke through its 200-day moving average, which some analysts believe will herald further gains. The Nasdaq 100 gained about 4.5%, and the Dow Jones Industrial Average gained 20% since its September low, meeting the definition of a bull market.

🤔On the technical front,

1.) Looking at the H4 chart, price has tapped into my buy entry at 11710.26, where the 38.2% Fibonacci line is located.

2.) I've set a fairly safe stop loss at 11037.21, slightly below where the 23.6% Fibonacci line and previous swing low is located.

3.) I intend to take a profit at 12897.63, slightly below where the 78.6% Fibonacci line is located.

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Buy Entry: 11710.26📈

Take Profit: 12897.63 💲

Stop Loss: 12164.90❌