Source: PaxForex Premium Analytics Portal, Technical Insight
On Thursday the U.S. stock indices declined for the third session in a row after the tech stocks as the comments of the head of the US Federal Reserve Jerome Powell failed to allay the fears of the investors concerning the recent growth of the government bonds' yield. The Nasdaq Composite lost 274.28 points, or 2.11%, to 1,2723.47 points, its lowest level in three months.
Nasdaq 100, H4
Pivot: 12454.00
Analysis:
Provided that the index is traded below 12765.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 12454.00
- Take Profit 1: 12310.00
- Take Profit 2: 12085.00
Alternative scenario:
In case of breakout of the level 12765.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 12765.00
- Take Profit 1: 12975.00
- Take Profit 2: 13110.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 13110.00 | 12310.00 |
| 12975.00 | 12085.00 |
| 12765.00 | 11910.00 |
Nasdaq 100, D1
Pivot: 12400.00
Analysis:
Provided that the index is traded below 12755.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 12400.00
- Take Profit 1: 12200.00
- Take Profit 2: 11700.00
Alternative scenario:
In case of breakout of the level 12755.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 12755.00
- Take Profit 1: 13440.00
- Take Profit 2: 13880.00
Comment:
RSI is bearish and indicates further decrease.
Key levels:
| Resistance | Support |
| 13880.00 | 12200.00 |
| 13440.00 | 11700.00 |
| 12755.00 | 11500.00 |
