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The Nasdaq 100 (#NDX) technology index is in the overbought zone in a 1-hour chart. It is consolidating above the 21 SMA located at 15,098. There is likely to be a last upward momentum towards the resistance zone located at +1 / 8 of murray around 15,312.
On the other hand, investors are likely to take some profit ahead of the announcement of the Fed's Interest Rate Decision to be released on Wednesday. This being the case, the Nasdaq could fall towards the dynamic support of 200 EMA, located at 14,802.
Despite the COVID-19 pandemic, we have seen new highs on the Nasdaq, the Dow Jones, the SP&500 as well as in other international markets. The odds are that there will be strong accumulation of profit. Some profit taking and sharp inflation acceleration could cause the market to fall to weekly support levels that could be the beginning of a short-term change in trend.
Looking at the chart above, the Nasdaq is above the SMA of 21. A break below this level and a consolidation below 15,050 will be a good opportunity to sell with targets at 14,802. The price also may fall towards 7/8 of murray at 14,687.
On the other hand, if the Nasdaq remains above 15,098, it will be a good opportunity to buy around this level. There we can observe the formation of a bullish pennant, which is targeting the zone of 15,312 (+1/8 of murray).
Support and Resistance Levels for July 26 - 27, 2021
Resistance (3) 15,336
Resistance (2) 15,238
Resistance (1) 15,171
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Support (1) 14,990
Support (2) 14,877
Support (3) 14,661
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