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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Search For Support

By:
Christopher Lewis
Published: Apr 16, 2024, 12:55 GMT+00:00

The NASDAQ 100 looks as if it is trying to find a bit of a bottom in the early hours of Tuesday. Whether or not it can will more likely be determined in the bond market at this point.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 has initially fell during the trading session on Tuesday but turned around to show signs of life again. At this point we are basically at the previous support in the form of $17,775 and trying to turn things around.

If we can recapture this area and perhaps the 50-day EMA, then it’s likely that this market will go much higher. After all we would re-enter the consolidation area that we had been in previously which of course would be a major victory. In general, I think this is a market that you have to look at through the prism of an uptrend but obviously there’s been a bit of a shot across the bow as it were recently.

With this being the case I am looking at this through the prism of perhaps seeing if it will recover and if it does recover then I’m more than happy to get involved again. After all this has been a very strong rally that I think has much further to go and with that being the case I will more likely than not go long on a break above the 50-day EMA aiming for the 18,500 level.

The 18,500 level is an area that previously had been significant resistance so I do suspect that it will continue to be so but breaking above there then would allow the Nasdaq 100 to go looking towards the $20,000 level above which of course is a large round psychologically significant figure. This would obviously catch a lot of headlines.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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