The Nasdaq 100 Tech Index, #NDX, found strong support at the 6/8 murray zone located at 13,437 and from that point now remains above the 21 SMA and 200 EMA on 4-hour charts. Strong bullish momentum is likely to emerge above this level.
After having formed a double top in the previous week at 14,062, the Nasdaq made a very strong correction to the low of 13,390. Now we notice a bullish bias again, which could again challenge the all-time high of 14,062.
If the Nasdaq #NDX continues with this uptrend, as confirmed by the double bottom around 6/8 of murray, we could continue to buy with targets at 13,750 and 14,000 key psychological level.
The technical reading of the eagle indicator is above 10 points, which means that there could be an upward movement in the short term. Since the beginning of the week the indicator showed oversold, so from that point the Nasdaq has been rebounding.
Our recommendation is to buy above the 21 SMA and 200 EMA, targeting 13750, as the Nasdaq suggests a good buying opportunity.
Support And Resistance Levels For May 07 - 10, 2021
Resistance (1) 13,690
Resistance (2) 13,780
Resistance (3) 13,913
Support (1) 13,541
Support (2) 13,469
Support (3) 13,323