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Best Opportunities, Vision and Technical Analysis for The NASDAQ100 8 February 2019

2019-02-08 09:26 am | Resource: Technical Analysis | No Views : 255

Time frame Used - four hours
The NASDAQ 100 is moving in a sideway direction in the near term.
NASDAQ100 CHART
The bears were able to control the movement of the NASDAQ 100 index to witness further decline to reach the NASDAQ 100 index to the level of 9848 trying to consolidate above this level but so far we have not shown any indication that the correction is over these levels
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the RSI reaching the oversold area and the Stochastic continues to decline.
Therefore, we expect that the NASDAQ 100 will retest level of 6955 again, and this scenario fails in the case of instability above level of  6820.
The alternative scenario is that the NASDAQ 100 index is breaching level of 7054 higher to target levels 7227 - 7358.
  Resistance: 6955 - 7054 - 7227
Support: 6820 - 6595 - 6500
Direction: sideway
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