Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market grew following the shares of technology companies. The U.S. economy will recover more quickly from the Coronavirus Pandemic crisis, while fiscal and monetary stimulus will work together, Federal Reserve Chairman Jerome Powell told the U.S. House of Representatives Financial Services Committee.

Nasdaq 100, H4

Pivot: 11180.00

Analysis:

Provided that the index is traded above 10940.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11180.00
• Take Profit 1: 11345.00
• Take Profit 2: 11490.00

Alternative scenario: 

In case of breakdown of the level 10940.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 10940.00
• Take Profit 1: 10680.00
• Take Profit 2: 10530.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 11159.70

Analysis:

While the price is below 11560.00, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 11159.70
• Take Profit 1: 10300.00
• Take Profit 2: 9730.00

Alternative scenario:

If the level 11560.00 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 11560.00
• Take Profit 1: 12440.00
• Take Profit 2: 13100.00

Comment:

RSI is bearish and indicates further decline.

Key levels: