Source: PaxForex Premium Analytics Portal, Technical Insight

Stock Market America closed Thursday's trading on the positive after the publication of data on record U.S. GDP growth in the last quarter. The U.S. economy jumped 33.1% year on year in the third quarter, according to preliminary data from the U.S. Department of Commerce. Nasdaq Composite added 180.72 points (1.64%) to 11185.59 points.

Nasdaq 100, H4

Pivot: 11089.00

Analysis:

Provided that the index is traded below 11280.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11089.00
• Take Profit 1: 10760.00
• Take Profit 2: 10500.00

Alternative scenario: 

In case of breakout of the level 11280.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11280.00
• Take Profit 1: 11550.00
• Take Profit 2: 11690.00

Comment:

RSI indicates a downtrend during the day.

Key levels

Nasdaq 100, D1

Pivot: 11425.89

Analysis:

While the price is below 11600.00, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 11425.89
• Take Profit 1: 10680.00
• Take Profit 2: 10300.00

Alternative scenario:

If the level 11180.00 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 11600.00
• Take Profit 1: 12440.00
• Take Profit 2: 13100.00

Comment:

RSI is bearish and indicates further decrease.

Key levels: