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The Nasdaq 100 Industrial Average is trading around 30,245. It has reached a strong support zone, and we believe a technical rebound could occur in the coming hours as the price consolidates above the psychological level of 30,000.
Given that the Nasdaq has reached strong support, we could look for buying opportunities with a target of 30,518 around the 21-period SMA. If it breaks decisively above this zone, we could continue buying until reaching the high of 30,790 points.
The outlook remains bullish for the Nasdaq, so consolidation above 30,500 points could be considered a buy signal with targets at the 4/8 Murray level around 31,250.
Conversely, if the index consolidates below the psychological level of 30,000 or below 30,250, we could expect the technical correction to continue and potentially reach the support level of 29,687.
We could even expect it to fill the gap left on May 22nd around 29,210. The outlook remains positive for the NASDAQ, as the Dow Jones is showing positive signs. There could be a technical correlation in the coming hours, so we believe that above 30,200 would be a good buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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