Nasdaq 100 Price Analysis — 21st of August

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The US stock market has been overwhelmingly strong since its pandemic-induced crash back in March. No event after that has had the power to keep the Nasdaq 100 (NDX) or the Nasdaq Composite (^IXIC) down for long.

Many traders thought the modest decline seen on Wednesday was the long-overdue correction coming into play. But that too didn’t last long. Instead, the Nasdaq 100 and the Nasdaq Composite both gained more than 1% in yesterday’s session, strongly outpacing other prominent markets.

The bullish move seen in the NDX was largely promoted by significant gains seen amongst the large tech companies yesterday. Notably, two tech stocks in the Nasdaq 100 basket—Tesla (NASDAQ: TSLA) and Zoom Video Communications (NASDAQ: ZM)—have shown strong resilience and have garnered favor among investors.

Tesla shares spiked significantly once again, recording a whopping 7% gain on Thursday. This increase took the share price above the $2,000 mark, another remarkable milestone for the company. Tesla’s stock price has more than doubled in just under 50 days.

Meanwhile, Zoom also made a killing in the market on Thursday, recording a 6% increase. Investors are very enthralled with the future growth prospects of the company/share.

Nasdaq 100 (NDX) Value Forecast — August 21

NDX Major Bias: Bullish

Supply Levels: 11570, 11650, and 11890.

Demand Levels: 11307, 11160, and 11000.

The NDX remains steadfast in our ascending channel as it continues to take on newer all-time highs. Currently, the index is still reasonably far from overbought conditions, which gives it more grounds to approach higher resistance and levels.

That said, a decline from this level seems unlikely at the time, however, a fall from this level will be met by strong support at the 11307 mark, which is a confluence of a strong resistance-turned-support and our 50 simple moving average. This support will likely act as an area for a strong bounce if this correction occurs.

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