Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed Friday trading in a negative zone after updating record highs a day earlier. At the same time, the main indicators finished the week much better: the S&P 500 increased by 1.3%, Dow Jones - by 0.4%. The Nasdaq was up 3.1%.
Investors continue to watch the negotiations on new fiscal stimulus in the USA. Senate Republican leader Mitch McConnell said Friday that discussions "remain productive." "I'm even more optimistic now than I was last night that a bipartisan and bicameral framework for an important bailout package is very close," CNBC reports him as saying.
Nasdaq 100, H4
Pivot: 12750.00
Analysis:
Provided that the index is traded above 12600.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 12750.00
- Take Profit 1: 12850.00
- Take Profit 2: 13000.00
Alternative scenario:
In case of breakdown of the level 12600.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 12540.00
- Take Profit 1: 12500.00
- Take Profit 2: 12300.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
13100.00 | 12600.00 |
13000.00 | 12500.00 |
12850.00 | 12300.00 |
Nasdaq 100, D1
Pivot: 12633.00
Analysis:
While the price is above 12170.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 12633.00
- Take Profit 1: 13100.00
- Take Profit 2: 13800.00
Alternative scenario:
If the level 12170.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 12170.00
- Take Profit 1: 11500.00
- Take Profit 2: 10960.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
Resistance | Support |
14000.00 | 12170.00 |
13800.00 | 11500.00 |
13100.00 | 10960.00 |