Nasdaq 100 May Extend Friday’s Minimal Recovery

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The Nasdaq 100 price action managed to gather some profits near the $10,854 mark last Friday to end the week’s trading activities at $10,985. Consequently, this seems to hint at the possibility of Nasdaq 100 claiming some early profits once the market opens for the week.

Major Price Levels:
Top Levels: $10,985, $11,000, $11,150
Floor Levels: $10,920, $10,840, $10,800

Nasdaq 100 Ended Friday's Trading Session With Minimal Recovery

Nasdaq 100 Appears Ready to Claim More Profits

Price action on the Nasdaq 100 market appears to have taken a bounce off support around $10,854. Consequently, the price activity has moved upward to $10,985 and is just inches away from claiming the $11,000 mark. Furthermore, the applied Stochastic RSI curve has aborted its bearish reversal move. Subsequently, the lines of this indicator look as if they are traveling upward to indicate a gain in upside momentum. Meanwhile, the MACD is showing that the downward momentum is weakening. This could be seen as the histogram below the equilibrium level has started to grow pale in appearance. Technically, we can assume that this market may stay in the green.

Nasdaq 100 Price Stays Fairly Focused On More Upward Moves

Moving to the Nasdaq 100 four-hour market, we can better see how things are developing. The recorded losses incurred from the past four trading sessions recovered has been 60% recovered. Additionally, technical indicators are also showing that prices may climb higher. This could be perceived as the curve on the RSI indicator has given a bullish crossover and has since moved sharply upwards. Also, the MACD indicator stays consistent with indications of a gradual decrease in downward momentum. Additionally, the line of the MACD indicator is now moving closer for what will most likely be a bullish crossover. Consequently, traders may soon see prices reaching above the $11,000 price level.

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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.