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

2019-03-05 11:49 pm | Resource: Technical Analysis | No Views : 114

Time frame Used - four hours
The NASDAQ 100 is moving in a bearish direction in the near term.
The NASDAQ 100 index was unable to stability above level of 7162 as the bears managed to push the NASDAQ 100 index back to break through the lower boundary of the rising wedge down and hit level of  7072.
In view of the technical indicators
Both the RSI and Stochastic are indicating signs of recovery.
Based on this, we expect that the NASDAQ 100 will test at 7162, and this scenario fails in the case of instability above level of  7072.
The alternative scenario is that the NASDAQ 100 is dropping down to level of  6995.
 Resistance: 7160 - 7227 - 7340
Support: 7100 - 7040 - 6995
Direction: Down
 Technical Analysis
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