Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed Wednesday's trading lower amid negative dynamics from the technology, commodities and consumer services sectors. The NASDAQ Composite index fell 2.67%.
Nasdaq 100, H4
Pivot: 12980.00
Analysis:
Provided that the index is traded below 13235.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 12980.00
- Take Profit 1: 12900.00
- Take Profit 2: 12675.00
Alternative scenario:
In case of breakout of the level 13235.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 13235.00
- Take Profit 1: 13390.00
- Take Profit 2: 13650.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 13650.00 | 12900.00 |
| 13390.00 | 12675.00 |
| 13235.00 | 12520.00 |
Nasdaq 100, D1
Pivot: 13000.00
Analysis:
Provided that the index is traded below 13300.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 13000.00
- Take Profit 1: 12620.00
- Take Profit 2: 12200.00
Alternative scenario:
In case of breakout of the level 13300.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 13300.00
- Take Profit 1: 13700.00
- Take Profit 2: 14080.00
Comment:
RSI is bearish and indicates further decrease.
Key levels:
| Resistance | Support |
| 14080.00 | 12620.00 |
| 13700.00 | 12200.00 |
| 13300.00 | 11600.00 |
