It’s time to say goodbye to 2020 — don’t let the door hit you where the good Lord split you!
Being the last day of the year, we want to give our final Nasdaq 100 market analysis of 2020… and give you a little something to start off your 2021 trade plan off right: our trade idea for January.
The Nasdaq 100 is currently trading in a bullish channel and could be heading toward a channel top.
A bullish channel is made up of two parallel lines that are ascending. The top of the parallel line is measuring the resistance and the bottom line is the support. Traders will then use this to determine when the optimal time to buy a stock’s price will be inside the channel.
And as long as the stock market stays above the support line, we could be entering 2021 with fuller wallets.