Eyeing 15,300 With Upward Trajectory Nonetheless Intact

Nasdaq 100 index Technical Forecast: Bullish

• The Nasdaq 100 index breached a direct resistance degree at 14,950 and opened the door for additional positive aspects with a watch on 15,300
• The MACD indicator trended decrease nevertheless, forming a bearish divergence
• Hong Kong’s Cling Seng Index (HSI) settled in a buying and selling vary after a pointy decline

Nasdaq 100 – Every day Chart

Chart created with TradingView

The Nasdaq 100 index prolonged increased in the direction of the weekend, aiming to problem the subsequent resistance degree at 15,300 – the 127.2% Fibonacci extension. The index fashioned consecutive increased highs and better lows because the finish of Could, marking a bullish development. A trio of short-, medium- and longer-term Easy Shifting Common (SMA) traces is sloping upwards, suggesting that the bullish trajectory stays intact.

The MACD indicator retreated from current highs and trended decrease nevertheless, forming a bearish divergence with costs. This means that upward momentum could also be weakening. A pullback might convey costs to the 20-day SMA line for speedy help. The Nasdaq 100 registered an eye-watering acquire of 16.8% because the “Double Backside” sample fashioned on the finish of Could, rendering it vulnerable to a technical pullback when profit-taking kicks in.

Cling Seng Index (HSI) – Every day Chart

Chart created with TradingView

The Cling Seng Index (HSI) fell sharply and breached a “Descending Triangle” in late July amid Beijing’s regulatory crackdown on the expertise and schooling sectors. The index entered a buying and selling varythereafter, with speedy help and resistance ranges discovered at 25,750 and 26,650 respectively. The general development seems to be bearish-biased, though the index has discovered robust help at 24,850 – the 78.6% Fibonacci retracement. The MACD indicator is about to kind a bullish crossover beneath the impartial midpoint, suggesting that promoting stress could also be fading.

— Written by Margaret Yang, Strategist for DailyFX.com

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