Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed trading negative on Friday amid a growing number of new infections with coronavirus and concerns about economic recovery. According to the analysis of data from Johns Hopkins University, carried out by CNBC, for the last seven days, the average daily growth of new infections in the U.S. was 165,029, which is 24% more than the figure recorded a week earlier. Economists at JPMorgan have downgraded the U.S. GDP forecast for the first quarter and now expect it to decline by 1%. Nasdaq Composite lost 49.74 points (0.42%) and reached 11854.97 points. 

Nasdaq 100, H4

Pivot: 11949.00

Analysis:

Provided that the index is traded above 11775.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11949.00
• Take Profit 1: 12100.00
• Take Profit 2: 12400.00

Alternative scenario: 

In case of broken-down of the level 11775.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11775.00
• Take Profit 1: 11500.00
• Take Profit 2: 11250.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 11999.00

Analysis:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 11999.00
• 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: