Nasdaq 100 technical analysis: Are bulls in play this week?


Since the first day of 2017, the NASDAQ 100 has been streaming higher and closed at new highs all-time. Will this momentum to continue for Nasdaq 100? Here is my weekly Nasdaq 100 technical analysis.

30 January, AtoZForex – The Nasdaq 100 advanced 0.22 percent to 5,168 points up 11.14 points in Friday's trading session. Also, it almost surged 6 percent since the new year. President- elect Donald Trump policies and new regulations on taxes helped the Financial sector to surge higher. This helped S&P 500 and Dow Jones to hike new heights and focus new investors to invest their money on US stock market.

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 Nasdaq 100 technical analysis

The Nasdaq 100 surged higher this week and traders are expecting the Nasdaq 100 to stay bullish in mid-term. The 1 year and 6-month returns are approximate 26 percent and 10 percent. The SMA 50 and SMA 100 line is below the closing price which signifies that the Nasdaq 100 is in the uptrend. But investors should wait till a small correction. According to my analysis Nasdaq 100 might trade flat this week but the possibility is higher to rise in mid-term. Moreover, the Nasdaq 100 is forming a strong support of 5033 points.

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The simple moving average for a period of MA200, MA100, MA50 and MA20 is 4079.43, 4544.09, 4653.62, 4881.26 respectively. Furthermore, the Fibonacci support and resistance levels for this week are S3 5033.65, S2 5024.94, S1 5038.09  and R1 5080.67, R2 5093.82, R3 5144.88. All the indicators display ‘BUY’ signal and the index is highly bullish in the mid-term and long-term. But i expect Nasdaq to reach a target of 5260-5280 in mid-term.

Global Market overview

The Global indexes traded down on Friday's closing session. The Dow Jones and S&P 500 also traded flat while the Shanghai composite index surged 0.31 percent to 3,159.17 on Friday. The Nikkei 225, Nang Seng, CAC 40 and Sensex also dipped.

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