Technical Analytics Report

NASDAQ 100: Fundamental Analysis Report 02 April 2021

NASDAQ 100: Fundamental Analysis Report 02 April 2021

 

Current trend: quotes are growing actively

 Nasdaq 100 continues to correct upwards, trading at 13364.0. First of all, the index is supported by the positive market assessments of the USD 2 trillion infrastructure investment plan proposed by President Joe Biden. Statistical data published in the USA were also positive. ISM Manufacturing PMI in March rose to 64.7 points from 60.8 points, which was the highest value of this indicator since December 1983.

 In the corporate sector, Microsoft Corp. can be distinguished, whose shares soared by more than 4%. The tech giant announced a USD 21.88 billion contract with the US Department of Defense for the supply of augmented reality devices. According to the agreement, Microsoft Corp. will supply the army with 120K devices for training sessions.

 The growth leaders in the index are: Pinduoduo (+7.51%), Lam Research Corp. (+7.40%), Applied Materials Inc. (+5.93%), Atlassian Corp. Plc (+5.84%).

Among the leaders of the decline are: Lululemon Athletica Inc. (–1.84%), Charter Communications Inc. (–1.37%), Paccar Inc. (–0.96%).

 Support and Resistance

 Index quotes continue to trade within the local sideways channel, which is part of the Triangle pattern. Technical indicators continue holding a buy signal. The range of EMA fluctuations on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator is trading in the purchase zone.

 Resistance levels: 13430.0, 13800.0.

Support levels: 13238.0, 12787.0.

 Trading Tips

 If the asset continues growing globally and the price consolidates above the resistance level of 13430.0, long positions will be relevant with target at 13800.0. Stop-loss – 13200.0. Implementation time: 7 days and more.

 If the asset continues declining, and the price consolidates below the support line at 13238.0, short positions can be opened with the target at 12787.0. Stop-loss – 13500.0.

 Scenario

Timeframe: Weekly

 Recommendation: Buy Stop

 Entry Point: 13430.0

 Take Profit: 13800.0

 Stop Loss: 13200.0 

Key Levels: 12787.0, 13238.0, 13430.0, 13800.0

 Alternative Scenario

 Timeframe: Weekly

 Recommendation: Sell Stop

 Entry Point: 13238.0

 Take Profit: 12787.0

 Stop Loss: 13500.0

 Key Levels: 12787.0, 13238.0, 13430.0, 13800.0


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