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The Nasdaq 100 (USTEC), after finding strong support around the February 5 low of 24,218, made a strong technical rebound on the daily chart, and the price reached the upper band of the downtrend channel.
Over the weekend, the US100 left a gap around 24,600 points, but this gap was quickly covered, and now a decisive zone for the price is expected. The Nasdaq is above the 200 EMA and above the 21 SMA, which could be setting it up for a strong upward momentum.
If the index breaks above the psychological level of 25,000 points and consolidates above the downtrend channel, we could expect a strong upward movement for the NASDAQ, which could reach 25,399 and even the 6/8 Murray around 25,788 points.
If the price fails to break and consolidate above 25,000 points, we could expect a technical correction in the coming days towards the 200 EMA around 24,482 points.
The Eagle indicator has reached oversold levels, so it is showing a positive signal. In case of a pullback to the 61.8% Fibonacci level around 24,600 points, this zone or above the 200 EMA could be seen as a signal to continue buying in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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