Before the opening bell on Wall Street, the technology average index, Nasdaq 100, #NDX, is trading below the SMA of 21 according to a 4-hour chart and showing a bearish bias towards the next few hours.
It is likely that the Nasdaq 100 can continue with the downward correction, since today Friday is the end of the month and many investors will collect benefits, that could make the Nasdaq fall to the support of 13,750 and 13,530.
At this time of writing, Nasdaq 100 futures are down 0.68%, despite the push from Amazon. The index technically looks for a downward correction after 4 weeks to the upside.
In the 4-hour chart, we can see that the Nasdaq has left a triple top in the 14,062 area, a key level that coincides with the 5/8 of murray, and a strong resistance area, below this level it is expected that the market makes a correction to 4/8 murray around 13,750.
The support of 13,750, on previous occasions has given the Nasdaq a strong technical rebound, a break in this area, there could be a sharp decline to the 200 EMA located at 13,530.
Our recommendation is to sell below 13,950 (SMA21), because it is the end of the month and there will be profit taking, and due to the downward pressure that exists below the 21 moving average. Besides, the eagle indicator is showing a signal downward.
Support And Resistance Levels For April 30, 2021
Resistance (1) 13,954
Resistance (2) 14,000
Resistance (3) 14,077
Support (1) 13,833
Support (2) 13,736
Support (3) 13,589
The material has been provided by InstaForex Company – www.instaforex.com
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