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NASDAQ Technical Analysis 9 August 2018

2018-08-08 11:15 pm | Resource: Technical Analysis | No Views : 35

Time frame Used - four hours
The NASDAQ 100 is moving in a sideway direction in the near term
the Purchasing power has managed to control the movement of the NASDAQ 100 index to reach the main resistance level around the 7470 level 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 will  drop to levels of  7404 - 7297 again
The alternative scenario is that the NASDAQ 100 breach level of  above 7470 level  to target the 7749 level
  Resistance: 7470 - 7518 - 7600
Support: 7404 - 7297 - 7191
Direction: sideway
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