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NASDAQ Technical Analysis 7 August 2018

2018-08-07 12:06 am | Resource: Technical Analysis | No Views : 128

Time frame Used - four hours
The NASDAQ 100 is moving in a sideway direction in the near term
The bears was able to control the movement of the NASDAQ 100 to break through the lower boundary  of the ascending wedge down to support level 7191 and then start the rebound to reach the resistance level of  7404 where it faces resistance and selling pressure around this level
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 index will  break above the 7404 level to target the 7470 level
The alternative scenario is that the NASDAQ 100 dropped to 7297 level
  Resistance: 7404 - 7470 - 7518
Support: 7297 - 7191 - 7100
Direction: sideway
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