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FX.co ★ Trading signal for NASDAQ 100 (#NDX) on October 19 - 20, 2021: Sell below 15,400 (Weekly resistance)

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Forex Analysis:::2021-10-19T15:02:16

Trading signal for NASDAQ 100 (#NDX) on October 19 - 20, 2021: Sell below 15,400 (Weekly resistance)

Trading signal for NASDAQ 100 (#NDX) on October 19 - 20, 2021: Sell below 15,400 (Weekly resistance)

The Nasdaq 100(#NDX) currently remains in a strong uptrend and is approaching a strong barrier at 15,390-15,400. This resistance formed on August 25 and September 27 has acted as resistance and then support. We believe that if it touches this level again and fails to break through it, a technical correction could occur.

Optimism in tech stocks is giving the Nasdaq 100 strong momentum supported by strong performance of such stocks as Facebook Inc, Apple, Amazon.com Inc, Netflix Inc, Alphabet Inc's Google, as well as Microsoft Corp. On the other hand, Apple shares closed 1% higher at the end of the day when it introduced its new Mac laptops with more powerful processor chips.

The uptrend is likely to continue in the next few hours, but a technical correction could occur around 15,389 as the eagle indicator has touched the level of 95. If this resistance turns out to be very strong, it could be a good opportunity to sell with the targets at 15,150. If the downward pressure continues, it could reach the psychological level of 15,000.

Our forecast for the Nasdaq index on the 4-hour chart remains bullish. As it is showing an overbought signal, it will be better to wait for a technical correction and then buy. A good point is to expect a bounce at 15,150 or the 200 EMA located at 15,000.

The market sentiment report shows that 45.84% of operators are buying the Nasdaq 100 and 32.82% are buying other indices, which means that there is a strong upward trend, and in the coming days the Nasdaq index could reach the 6/8 murray resistance at 15.625.

Support and Resistance Levels for October 19 - 20, 2021

Resistance (3) 15,504

Resistance (2) 15,464

Resistance (1) 15,375

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Support (1) 15,312

Support (2) 15,206

Support (3) 15,117

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A trading tip for NASDAQ 100 for October 19 - 20, 2021

Sell below 15,389 (Strong resistance) with take profit at 15,150 (SMA 21) and 15,000 (4/8), stop loss above 15,450.

Analyst InstaForex
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