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Trading Signal for Nasdaq 100 #NDX, for July 05 - 06, 2021: Bearish Reversal


We note that the Nasdaq 100 technology index, #NDX, is located in the 7/8 zone of murray zone of a probable bearish reversal, although it remains within the bullish channel in daily charts showing a signal of exhaustion due to the negative divergence of the eagle indicator.

Today, on Monday, the United States markets are closed due to the Independence Day holidays. However, Nasdaq futures are showing a low volume until tomorrow when negotiations are reopened in the American session.

According to the daily chart, since May 19 the Nasdaq has been trading within a bullish channel. An upward movement could carry on until 8/8 murray at the 15,000-point level to end its bullish cycle.

On the contrary, if the Nasdaq consolidates below the level of 7/8 (14,670), a downward correction is expected to the support of the SMA of 21. Besides, the same level converges the uptrend channel and the 6/8 of murray. The area of 14,375 will be a strong support that will give us an opportunity to buy with targets at 15,000 points.

In daily charts, if the Nasdaq breaks the bullish channel and consolidates below 14,200, a drop and increased downward pressure is expected that could take it towards the level of EMA 200, located at 13,019.

Our outlook remains bullish for the Nasdaq 100 #NDX. So, we recommend buying if a correction occurs towards the 6/8 zone of murray (14,375) with targets at 14,600 and 15,000.

Support and Resistance Levels for July 05 - 06, 2021

Resistance (3) 14,984

Resistance (2) 14,846

Resistance (1) 14,786


Support (1) 14,644

Support (2) 14,570

Support (3) 14,432

The material has been provided by InstaForex Company -