NASDAQ 100 (US 100) index hits fresh record high; looking bullish in the medium-term.
The NASDAQ 100 index has advanced considerably, managing to finish higher in the seven preceding trading days after recording a one-month low of 6,641.85 on March 2. Earlier on Tuesday, it hit a fresh all-time high of 7,185.15.
The RSI has been rising lately, projecting a bullish picture in the short-term. However – and turning to the stochastics – the %K line has just crossed below the slow %D line. This might constitute an early indication for declines in the very short-term.
Further advancing could meet resistance at the 161.8% Fibonacci extension level of the February 27 to March 2 down-leg at 7,224.56. The 7,200 handle that may hold psychological importance is also part of the area around this level.
On the downside, support might come around 7,037.10, this being a previous top with the range around it also encapsulating the 7,000 handle – another potential psychological level – as well as another peak from the past at 7,002.05.
The medium-term picture is looking bullish, with price action taking place above the 50- and 100-day moving average lines, and both lines maintaining a positive slope.
Overall, both the short- and medium-term outlooks are looking positive, with a bearish signal though currently in place in the very short-term.
All trading involves risk. It is possible to lose all your capital
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.