Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed Friday's trading lower on the back of the negative dynamics from the oil and gas, technology and raw materials sectors. The NASDAQ Composite Index was down 0.85% at the close of trading on the New York Stock Exchange.
Nasdaq 100, H4
Pivot: 13876.00
Analysis:
Provided that the index is traded above 13750.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 13876.00
- Take Profit 1: 14050.00
- Take Profit 2: 14220.00
Alternative scenario:
In case of breakdown of the level 13750.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 13750.00
- Take Profit 1: 13525.00
- Take Profit 2: 13200.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 14350.00 | 13750.00 |
| 14220.00 | 13525.00 |
| 14050.00 | 13200.00 |
Nasdaq 100, D1
Pivot: 13871.00
Analysis:
Provided that the index is traded above 13300.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 13871.00
- Take Profit 1: 14220.00
- Take Profit 2: 14560.00
Alternative scenario:
In case of breakdown of the level 13300.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 13300.00
- Take Profit 1: 12620.00
- Take Profit 2: 12200.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 14650.00 | 13300.00 |
| 14560.00 | 12620.00 |
| 14220.00 | 12200.00 |
