NASDAQ – Big move expected ahead

Published On: 21 February 2022, 3:50 PM | Lester Chua, Senior Dealer      

  • Taking a look at the US Tech 100 Index, we can see that price is currently at a support level, formed with the trend line as well as the 38.2% Fibonacci level
  • In the coming week, if the index were to respect the support level, price would be expected to reach 14,500, corresponding to the 50% Fibonacci level and also a psychological resistance level.
  • From there, if price were to close above the Fib level, we can then expect an even stronger move upwards, towards the high of 15,000, corresponding to the 61.8% Fibonacci level and also a psychological resistance level.
  • If, however, price were to close below the trend line as well as the 38.2% Fibonacci level, price would be expected to fall to the next Fibonacci level of 23.6%. before further consolidation ahead.
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