Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices gained on Wednesday on the outcome of the U.S. Federal Reserve meeting. The Fed kept the interest rate on federal funds rate in the range from 0% to 0.25% per annum, according to the communique of the Federal Open Market Committee (FOMC) after its meeting on March 16-17. The decision coincided with the forecasts of economists and market participants. The Nasdaq Composite added 53.64 points (0.4%) to settle at 13525.20 points.
Nasdaq 100, H4
Pivot: 13202.00
Analysis:
Provided that the index is traded above 12980.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 13202.00
- Take Profit 1: 13300.00
- Take Profit 2: 13500.00
Alternative scenario:
In case of breakdown of the level 12980.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 12980.00
- Take Profit 1: 12700.00
- Take Profit 2: 12570.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 13700.00 | 12980.00 |
| 13500.00 | 12700.00 |
| 13300.00 | 12570.00 |
Nasdaq 100, D1
Pivot: 12886.00
Analysis:
Provided that the index is traded above 12200.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 12886.00
- Take Profit 1: 13400.00
- Take Profit 2: 13880.00
Alternative scenario:
In case of breakdown of the level 12200.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 12200.00
- Take Profit 1: 11580.00
- Take Profit 2: 10960.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 14650.00 | 12200.00 |
| 13880.00 | 11580.00 |
| 13400.00 | 10960.00 |
