Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices closed trading on Tuesday without a single dynamic. Investors were selling shares of companies that had benefited from the coronavirus pandemic and buying securities of companies that were dependent on economic recovery. On the eve, U.S. stock indices were mostly up, approaching record highs. The optimism of market participants was connected with the news about the success of COVID-19 vaccine trials developed by the American company Pfizer Inc. and German BioNTech, as well as with the results of the presidential elections in the USA, indicating the victory of the Democratic Party candidate Joe Biden.

Nasdaq 100, H4

Pivot: 11625.00

Analysis:

Provided that the index is traded below 11900.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11625.00
• Take Profit 1: 11510.00
• Take Profit 2: 11360.00

Alternative scenario: 

In case of breakdown of the level 11900.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11900.00
• Take Profit 1: 12100.00
• Take Profit 2: 12270.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 11660.00

Analysis:

While the price is above 11360.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 11660.00
• Take Profit 1: 12440.00
• Take Profit 2: 13800.00

Alternative scenario:

If the level 11360.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 11360.00
• Take Profit 1: 10960.00
• Take Profit 2: 10680.00

Comment:

RSI is bullish and indicates further increase.

Key levels: