In the early American session, the Nasdaq 100 #NDX, is trading within a symmetric triangle on a 4-hour chart and below the +1/8 of murray (13,900) which acts as strong resistance. The bias remains bullish for this index which is expected to reach the all-time highs of 14,060.
As long as the Nasdaq remains above the 21 SMA and moves above the 8/8 Murray located at 13,750, the primary or bottom trend will continue to be bullish. The index could continue its cycle with targets at the psychological level of 14,000.
Therefore, a bounce from the 13,750 level will be a good opportunity to buy with a target at 13,906 and 14,062 (+2/8 murray).
After a consolidation and a break below 13,750, the market could enter a downward correction phase and trade lower until the 200 EMA zone located at 13,600. This is its last support. Below this level there could be a trend reversal and a long-term bearish movement.
Our recommendation is to buy above the symmetrical triangle, (13,860) or wait for a technical bounce at the 13,750 area, with targets at 13,906 and 14,060. The eagle indicator is showing bullish signal.
Support and Resistance Levels for June 09 – 10, 2021
Resistance (3) 14,076
Resistance (2) 13,986
Resistance (1) 13,902
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Support (1) 13,818
Support (2) 13,727
Support (3) 13,646
The material has been provided by InstaForex Company - www.instaforex.com