The Nasdaq Composite Index, which brings together the most important technology companies in the market, in 1 hour charts is trading with a strong uptrend, at this time of writing it is around 13281, above Murray's 5/8.
Nasdaq futures prior to the opening of the American session accumulated gains of 1.40%, after President Joe Biden announced a new infrastructure plan of 2.3 trillion dollars.
On the chart we can notice an uptrend channel in 4-hour charts, and trading above the SMA of 21, and above the EMA of 200, with a strong upside potential with targets at 6/8 Murray located at 13437.
The eagle indicator on 1 hour charts is reaching the overbought zone, there is likely to be a technical correction towards the support of the 21 SMA around 13168, at this level there may be a good opportunity to buy.
On the other hand, if the Nasdaq 100 remains above Murray's 5/8, we hope that the bullish force will take it to the level of 13,437, therefore we recommend buying at the current price levels, as long as it remains above 13,280.
Support And Resistance Levels For April 01 - 02, 2021
Resistance (1) 13,346
Resistance (2) 13,488
Resistance (3) 13,550
Support (1) 13,230
Support (2) 13,047
Support (3) 12,926
