Nasdaq 100 Eyes Record High RetestUS Tech 100 CFDFOREXCOM:NAS100FOREXcomThe US 100 has rebounded strongly following the downtrend that emerged in July, with the latest leg higher beginning after the price delivered a bullish engulfing candle near the lows. Since then, the index has reclaimed the 100-day simple moving average, 28,000, the downtrend from the June highs and, more recently, the 50-day simple moving average. It has been a decent run, although the move has stalled below 29,865, a level that's been tested on multiple occasions over the past couple of months without a sustained break above. What’s noticeable now is the structure forming immediately beneath that level. It is not textbook by any stretch of the imagination and has only been in place for a handful of sessions, so it needs to be treated with a grain of salt. But it does resemble a bull pennant. Importantly, the price continues to find support around the 50-day simple moving average, located beneath the structure. If the price pushes through the top of the consolidation structure and closes above 29,865, it would signal the possible resumption of the bullish move and open the door to a retest of the record high at 30,756. On a break and close above 29,865, longs could be considered with a tight stop beneath the level for protection, targeting the record highs. The oscillators are mildly bullish, favouring the setup. RSI (14) sits above the neutral 50 level, although it has largely flatlined throughout August. That signal is broadly confirmed by MACD, which has staged a bullish crossover and flipped positive. Good luck, DS