Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed lower on Tuesday as traders assessed the new batch of corporate reports and waited for the results of major technology companies. The Nasdaq Composite lost 9.93 points (0.07%) to 13626.06 points.

Nasdaq 100, H4 

Pivot: 13483.00

Analysis:

Provided that the index is traded above 13275.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 13483.00
• Take Profit 1: 13740.00
• Take Profit 2: 13850.00

Alternative scenario: 

In case of breakout of the level 13275.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 13275.00
• Take Profit 1: 13140.00
• Take Profit 2: 13010.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 13490.00

Analysis:

While the price is above 12550.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 13490.00
• Take Profit 1: 13800.00
• Take Profit 2: 14600.00

Alternative scenario:

If the level 12550.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 12550.00
• Take Profit 1: 11500.00
• Take Profit 2: 10960.00

Comment:

RSI is bullish and indicates further increase.

Key levels: