Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market increased at the end of trading on Friday amid hopes for the adoption of new economic stimulus in the United States. Nasdaq grew by 3.8% and 4.6% over the week, the highest since early July, CNBC reports. Friday The Wall Street Journal reported that the White House is preparing a new $1.8 trillion package to stimulate growth in the U.S. economy affected by the COVID-19 pandemic. Economic Advisor to the U.S. President Larry Kudlow said in an interview with Fox Business that Donald Trump approved the revised package and expressed his desire to reach an agreement with Congress. 

Nasdaq 100, H4

Pivot: 11707.52

Analysis:

Provided that the index is traded above 11180.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11707.52
• Take Profit 1: 12440.00
• Take Profit 2: 13100.00

Alternative scenario: 

In case of breakdown of the level 11180.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11180.00
• Take Profit 1: 10680.00
• Take Profit 2: 10300.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 11440.00

Analysis:

While the price is above 10300.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 11440.00
• Take Profit 1: 13500.00
• Take Profit 2: 14100.00

Alternative scenario:

If the level 10300.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 10300.00
• Take Profit 1: 9735.00
• Take Profit 2: 9155.00 

Comment:

RSI is bullish and indicates further increase.

Key levels: