NASDAQ-100: Continues to run into supply zones on the Daily Chart with a potential evening star type of candle pattern. Watch for the weekly and daily low from March 21 as a potential target for price action. Current price is 14,327 which puts you right at the 50-day moving average. And if you recall from previous videos of last week you know how important the 50 and 200 day are for ascending movements. Feel free to look at those videos.
If you want to use a moving average as a potential area for support, it would be the 610 day moving average.
In the 4 hour time frame we’re sitting in a minor support area, doesn’t mean it cannot break and turn into resistance. We also have a potential support at the 223 moving average which is sitting right at our March 21 low. In terms of our analysis the 14,000 area is appealing for continued downward pressure.
Hourly time frame we noticed a large consolidation base and settling at the April 7th candle, which could be a potential early trigger for a bearish position; or a potential bouncing opportunity for those looking to go against the trend. We are also sitting at a demand zone between 14314.00 and 14347.75. In addition to the demand zone the 987 day moving average could also be utilized as a potential target for entry and stops.
Overall it’s about 2,457 points from the 52 week high, which equates to around 14.70%.