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Best Opportunities, Vision and Technical Analysis for The NASDAQ100 6 February 2019

2019-02-05 11:52 pm | Resource: Technical Analysis | No Views : 238

Time frame Used - four hours
The NASDAQ 100 is moving in a bullish direction in the near term.
the bulls managed to control the movement of the NASDAQ 100 index to reach the resistance level of  7054 as the Dow faces resistance and selling pressure around this level, forming a negative candlesticks pattern called Shooting Star.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the NASDAQ 100 will fall back to level of  6820 again, and this scenario fails in the case of stability above level of  7054.
The alternative scenario is that the NASDAQ 100 index is breaching level of 7054 higher to target levels 7227 - 7358.
  Resistance: 7054 - 7227 - 7358
Support: 6820 - 6595 - 6500
Direction: Up
 Technical Analysis
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