18.05.202115:56 Forex Analysis & Reviews: Trading Signal for Nasdaq 100 #NDX, for May 18 - 19, 2021: Buy above 13,259

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In the early American session, the Nasdaq 100 technology index, #NDX, is trading above the 21 SMA and above the bullish pennant pattern. Under strong buying pressure, the index could reach the 13,750 zone 4/8 level of murray in the next few days.

The Nasdaq 100 #NDX, has a bullish bias. Looking at the quotes since May 10, we also notice an inverted head &shoulder formation. A break above 13,450 will open a potential upside to the 13,750 area.

The 3/8 murray level located at 13,437 is acting as strong resistance. As on previous occasions, the Nasdaq had to fight this barrier. Now we expect a correction to the 21 SMA at around 13,259.

On the other hand, a sharp break above 13,450 could easily be a bullish move to the 13,750 zone, the zone of 200 EMA and the 4/8 murray pivot point.

Also, a bullish bounce off the 21 SMA around 13,259 will be a good opportunity to buy with targets at 13,750. The eagle indicator is showing a bullish signal, and it still has territory until it reaches the overbought levels.

The market sentiment report shows that 46% of operators are selling the pair. This is an indication that the Nasdaq could be in the consolidation phase as there are more buyers in the market, which will be difficult for new highs.

Analyzing these data, the scenario of a correction seems to be strengthening with the passing of the days. While the solid economic recovery expected in the coming months, this can be seen as a positive factor for corporate earnings, these expectations have already been discounted in share prices.

Therefore, while the Nasdaq 100 #NDX is located above the SMA of 21 (13,250). There is still a bullish outlook in the short term.

Support and Resistance Levels for May 18 - 19, 2021

Resistance (3) 13,686

Resistance (2) 13,583

Resistance (1) 13,451

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Support (1) 13,256

Support (2) 13,189

Support (3) 13,059

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