Nasdaq 100 Market Prepares to Continue Recording Profits

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Trading activities for last week ended with price action recovering from the losses that were recorded on Wednesday and Thursday. And now, it seems as if the Nasdaq 100 price may rise further as trading begins for the new week.

Major Price Levels:
Top Levels: $11,619, $11,669, $11,700
Floor Levels: $11,600, $11,560, $11,520

Nasdaq 100 Market Prepares to Continue Recording Profits

Nasdaq 100 Set to Resume Its Upward Path

In just one day, Nasdaq 100 price action on the daily market recovered over 95% of the losses that were recorded on Wednesday and Thursday last week. At this point, technical indicators are now showing positive signs concerning price moving further upwards. Here, the lines of the histogram continue to rise above the equilibrium point. Additionally, the histogram bars of this indicator has turned solid green from their previous pale appearance. By implication, this is pointing to an increase in upside momentum, which will cause prices to increase. Furthermore, the Stochastic RSI lines too are now approaching each other for an upward crossover. It could be seen that both the RSI and the MACD are predicting a further price increase.

Nasdaq 100 Market Prepares to Continue Recording Profits

Nasdaq 100 Price Action May Break the Price Level $11,700 to the Upside

On the 4-hour market, price action maintains its focus on the upside. During the last two trading sessions of last week, the Nasdaq 100 market recorded two consecutive moderate gains. This could be observed, as two green price candles took off from the middle limit of the applied Bollinger band. Furthermore, the RSI indicator has already given a crossover in the oversold region. Also, the MACD indicator has given another crossover, which indicates that it will continue to move upwards above the equilibrium point. Both the RSI and MACD are still revealing that this market is aligned to catch any tailwind once trading actions start. Eventually, this may cause the Nasdaq 100 price to rise beyond the $11,700 mark.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.