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NASDAQ Technical Analysis 5 December 2018

2018-12-04 11:25 pm | Resource: Technical Analysis | No Views : 140

Time frame Used - four hours
The NASDAQ 100 is moving in a bearish direction in the near term.
The bears managed to control the movement of the NASDAQ 100 index to retreat to the 6787 level as it faced resistance and selling pressure around the important resistance level 7100 which pushed it back down again.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the selling area.
Accordingly, we expect that the NASDAQ 100 will test the 6644 level.
The alternative scenario is that the NASDAQ 100 retested level of 6903.
  Resistance: 6903 - 7100 - 7210
Support: 6737 - 6644 - 6488
Direction: Down
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