Current trend

The leading index of US technology companies NQ 100 continues its upward dynamics within the long-term trend: in the middle of last month, the price rose to 15312.5 (Murrey’s level [ 1/8]), above which it failed to consolidate.

Currently, the market is witnessing a downward price correction to 15000.0 (Murrey level [8/8]), supported by the middle line of Bollinger bands, consolidation below which will allow quotes to reach 14687.5 (Murrey level [7/8], Fibonacci correction 23.6%) and 14375.0 (Murrey level [6/8], Fibonacci correction 38.2%). The key “bullish” level is 15312.5, and its breakout will ensure continued growth to 15625.0 (Murrey level [ 2/8]), 16250.0 (Murrey level [ 2/8], W1).

Technical indicators confirm that the upward trend in the market continues: Bollinger bands are reversing upwards, however, a decrease in the MACD histogram in the positive zone and a downward reversal in Stochastic do not exclude a limited correction.

Support and resistance

Resistance levels: 15312.5, 15625.0, 16250.0.

Support levels: 15000.0, 14687.5, 14375.0.

Trading tips

Long positions may be opened above 15312.5 or when the price reverses around 14687.5 with the targets at 15625.0, 16250.0 and stop losses at 15120.0 and 14500.0, respectively. Implementation period: 5–7 days.