The Nasdaq 100 at the opening of the American session, is trading near the 21 SMA in 4 hours charts, after having found strong resistance at 14,062 Murray’s 5/8 level.
Now we notice the Nasdaq, which could break the key level of 13,977, since the SMA of 21 is located at this level, and breakdown and consolidation below this level we expect a fall to the support of 13750 (4/8) and the 3 / 8 Murray at 13437.
Last week, we noticed that the Nasdaq has made a double top at 14062, from that point we have seen a correction of the Nasdaq, if this decline continues there could be a downward acceleration to the supports we have indicated.
Our recommendation is to sell below 13920, as the market is overbought, and the markets are turning to risk assets.
The eagle indicator from last week is showing a bearish divergence, although the market was bullish, this could support the correction of the Nasdaq in the coming days.
Support And Resistance Levels For April 19 – 20, 2021
Resistance (1) 14064
Resistance (2) 14,113
Resistance (3) 14,131
Support (1) 13,900
Support (2) 13,851
Support (3) 13,811
The material has been provided by InstaForex Company – www.instaforex.com
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