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NASDAQ Technical Analysis 12 April 2018

2018-04-12 12:21 am | Resource: Technical Analysis | No Views : 372

Time frame Used - four hours
The NASDAQ 100 is moving in a sideway in the  near-term
the Purchasing power managed to control the movement of the NASDAQ 100 index to break the NASDAQ index of the main descending trend line around the level of 6504 to reach the level of 6640 where the NASDAQ faces selling pressure around this level, but  we note that the NASDAQ100  forming  a bottom higher than the previous bottom indicating the increasing strength of the buyer
In view of the technical indicators
Both the RSI and Stochastic are indicating  to weakness of the  indicators
Accordingly, we expect that  the NASDAQ 100 will  breach level of  6640 to target level of  6887
 The alternative scenario is that the NASDAQ 100 will fall to level of  6488
 Resistance: 6640 - 6709 - 6795
Support: 6488 - 6402-6319
Direction: sideway
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