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The Nasdaq 100 technology index, #NDX, is trading within an uptrend channel on 4-hour charts, after breaking the 21 SMA yesterday. It is now consolidating above this level and is likely to continue its upward movement to the top of the channel at around 14,300.
In view of the fact that the last 4-hour candles show exhaustion of the bullish force, the index is likely to make a correction to the 14,062 zone. There is the 5/8 of murray and also the SMA of 21. This will be a good key point to buy the Nasdaq 100 #NDX. You can sell at the current price levels very carefully.
On the contrary, in case of a pullback towards the top of the channel at 14,300, there is the 6/8 murray a little higher that acts as strong resistance. So, it will be a good opportunity to sell below this level.
The Nasdaq 100 #NDX is expected to make a technical bounce above the 5/8 of murray and SMA of 21. If the price consolidates around this levels, it will be a good opportunity to buy with targets on the top of the bullish channel at 14,300.
The eagle indicator is in the overbought zone. It looks like the bullish force is running out, so we must be careful with purchases. It is better to wait for a rebound to the support zone to buy or sell at the current price levels.
Support and Resistance Levels for June 18 – 21, 2021
Resistance (3) 14,405
Resistance (2) 14,309
Resistance (1) 14,201
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Support (1) 14,078
Support (2) 13,952
Support (3) 13,894
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