The Nasdaq 100 #NDX Tech Index, prior to the US session open, is trading below the 21 SMA and bouncing above the 2/8 Murray, maintaining bearish strength.
We expect consolidation above 13,330. If the price remains above this level there could be a bullish move to the 200 EMA zone located at 13,614.
On the contrary, a drop to the 2/8 murray support located at 13,130 will be a good opportunity to buy, as the eagle indicator is oversold and a technical rebound is likely for the next few hours.
With regard to data, inflation data will be published in the US. The consumer price index is expected to rise by 0.2% in April and 3.6% from a year ago. These figures can have an impact on the market.
This data is likely to give the Nasdaq 100 bullish momentum if the data is negative, but if it is positive we expect the Nasdaq to find a bounce at the 13,060 support.
Our recommendations: buy above the 21 SAM around 13,330 or expect a bounce on the 2/8 of murray around 13,060.
Support and Resistance Levels for May 12 - 13, 2021
Resistance (2) 13,414
Resistance (3) 13,559
Resistance (1) 13,670
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Support (1) 13,250
Support (2) 13,122
Support (3) 13,060
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Trading tip for Nasdaq 100 #NDX, for May 12 - 13, 2021
Buy in case of a rebound 13,060 (strong support and 2/8 of murray) with a Take Profit set at 13,330 and 13,600 (EMA 200), and a Stop Loss [laced below 12,950.
The material has been provided by InstaForex Company - www.instaforex.com