Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices rose on Monday, with the S&P 500 and Dow Jones Industrial Average reaching record highs after Moderna Inc reported on the effectiveness of its experimental COVID-19 vaccine. Moderna shares rose 9.6 percent after the company reported that its experimental vaccine showed 94.5 percent efficacy in preventing COVID-19 based on interim data from late stage clinical trials. Nasdaq rose 0.8% to 11,924.129 points.

Nasdaq 100, H4

Pivot: 11980.00

Analysis:

Provided that the index is traded above 11780.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11980.00
• Take Profit 1: 12045.00
• Take Profit 2: 12270.00

Alternative scenario: 

In case of broken-down of the level 11780.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11780.00
• Take Profit 1: 11570.00
• Take Profit 2: 11360.00

Comment:

RSI indicates a uptrend during the day.

Key levels

Nasdaq 100, D1

Pivot: 11983.00

Analysis:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 11983.00
• 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: