Source: PaxForex Premium Analytics Portal, Technical Insight
The stock market in the U.S. is not going to recover too convincingly when opening up after the defeat of the high-tech sector that led to the NASDAQ correction.
Nasdaq 100, H4
Pivot: 11135.00
Analysis:
Provided that the index is traded below 11770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 11135.00
- Take Profit 1: 10870.00
- Take Profit 2: 10300.00
Alternative scenario:
In case of breakout of the level 11770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 11770.00
- Take Profit 1: 12150.00
- Take Profit 2: 12490.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 12490.00 | 10870.00 |
| 12150.00 | 10300.00 |
| 11770.00 | 9730.00 |
Nasdaq 100, D1
Pivot: 11221.00
Analysis:
While the price is above 10130.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 11221.00
- Take Profit 1: 13000.00
- Take Profit 2: 13500.00
Alternative scenario:
If the level 10130.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 10130.00
- Take Profit 1: 9735.00
- Take Profit 2: 9155.00
Comment:
RSI is bullish and indicates further growth.
Key levels:
| Resistance | Support |
| 14000.00 | 10130.00 |
| 13500.00 | 9735.00 |
| 13000.00 | 9155.00 |
