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On the 4H chart, the Nasdaq 100 Tech Index is trading above the 21 SMA and above the 2/8 murray support with a bullish bias.
Yesterday, the stock market took a breath after several very difficult sessions. The Nasdaq 100 fell to the 12,940 area. We notice a technical rebound.
Inflation and its potential impact on the monetary policies of large central banks will continue to be the main concern of investors, at least in the US and much of Europe. The pandemic seems to be more or less controlled.
The Nasdaq index may rise to the 13,653 area, as the 21 SMA acts as a dynamic support that will give it the bullish strength it needs.
The Nasdaq has consolidated above the 2/8 Murray support, this adds bullish strength. There could be a move to the 200 EMA zone located at 13,600.
Conversely, a consolidation below 2/8 of Murray will cause a decline of the #NDX fall to the psychological level of 13,000.
The technical reading of the eagle indicator is giving a bullish signal. The Nasdaq 100 may reach the 4/8 murray level near 13,750.
Our recommendation is to buy above 13,244 or if it bounces 2/8 Murray around 13,125 with targets at 13,650 in the short term.
Support and Resistance Levels for May 14 - 17, 2021
Resistance (3) 13,548
Resistance (2) 13,425
Resistance (1) 13,388
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Support (1) 13,126
Support (2) 13,072
Support (3) 12,935
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Trading tip for Nasdaq #NDX for May 14 - 17, 2021
Buy above 13,244 (SMA 21), with take profit at 13,450 and 13,650 (EMA 200), stop loss bellow 13,150.
Buy if rebound 13,125 (2/8 of murray) with take profit at 13,450 and 13,600 (EMA 200), stop loss below 13.025.
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