Source: PaxForex Premium Analytics Portal, Technical Insight

Major U.S. stock market indexes rose on Wednesday amid renewed optimism about the coronavirus vaccine. The U.K. Medicines Control Agency (MHRA) on Wednesday approved a coronavirus vaccine, COVID-19, developed by Anglo-Swedish company AstraZeneca, the company said in a statement. "AstraZeneca's COVID-19 vaccine has been approved for emergency use in the United Kingdom, the first doses will be released today, and vaccination could begin early in the new year," the company said in a statement posted on its website. The statement said the vaccine is intended for those over 18. The Nasdaq gained 19.78 points (0.15%) to 1,870 points.

Nasdaq 100, H4 

Pivot: 12851.00

Analysis:

Provided that the index is traded below 12925.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 12851.00
• Take Profit 1: 12745.00
• Take Profit 2: 12650.00

Alternative scenario: 

In case of breakout of the level 12925.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 12925.00
• Take Profit 1: 13005.00
• Take Profit 2: 13100.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 12711.00

Analysis:

While the price is above 12170.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 12711.00
• 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: