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Trading Signal for NASDAQ 100 #NDX, for July 19 - 20, 2021: Buy above 14,600

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On a 4-hour chart, the Nasdaq 100 #NDX is trading below the 21 SMA, below the strong resistance level of 8/8 Murray (15,000 points) as well as below the 14,900 level key zone, following the bearish bias.

In a daily chart, the Nasdaq 100 is trading in the same area of the SMA of 21 (14,634), since it is an important level. We believe that above this area, there could be a technical rebound towards the 14,900 area and the price could try again to break the 15,000 level.

At the fundamental level, investors' fear of this new strain of COVID-19 called Delta, which is more contagious, could weigh down the economic recovery and jeopardize the upward force of the Nasdaq 100. A fall could occur in the medium term below the 14,280 level and initiate a bearish cycle and trend reversal.

We could find good support at the 6/8 murray zone located at 14,375 which has also been resistance previously. At the same level, the 200 EMA is found on a 4-hour chart.

If the Nasdaq consolidates below the 14,600 level, there could be a drop to the 14,375 (6/8) support zone and to the key level of the 200 EMA located at 14,280 points.

Our recommendation is to buy at current price levels above 14,600 with targets at the 21 SMA located at 14,850. We foresee that the Nasdaq will break this zone upwards to 15,000.

The technical reading of the eagle indicator is in the oversold zone, and a bullish bounce is likely to emerge in the next few hours. This signal could be in line with our outlook for a correction in the next few hours.

Support and Resistance Levels for July 19 - 20, 2021

Resistance (3) 14,895

Resistance (2) 14,810

Resistance (1) 14,738

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Support (1) 14,602

Support (2) 14,530

Support (3) 14,394

The material has been provided by InstaForex Company - www.instaforex.com