Nasdaq observed a fall in its price on Friday, therefore the price of the CFD fell below the total of $7100 in pursuit of some major economic news releases. As far as technical bias is concerned, it is anticipated that it may remain bullish since the price of Nasdaq printed a higher high in the recent upside move.
Nasdaq (NAS100) Technical Analysis
As of March 08, 2019, the CFD is being traded near $7018. Since the price observed a decrease, an immediate major horizontal support can be noted around $6887. The price of the CFD is anticipated to come across another support around $6692, the 38.2% Fib level support and then comes $6536, the low of January 15, 2019, which is likely to prevent the price of the CFD from falling further as demonstrated in the given below chart.
Coming towards the upside, a resistance may be seen around $7150, the trend line resistance level ahead of $7500, the psychological number and then $7680, the major horizontal resistance as demonstrated in the given above chart. The technical bias is expected to remain bullish as long as $7001, the major horizontal support level remains intact.
Michigan Consumer Sentiment Index News – United States
In the United States, the figure concerning the index price of Michigan Consumer Sentiment remained 99.0 in October, as compared to 100.1 during the month before, up beating the economist expectation which was 100.4 The data is sourced from the news released by the University of Michigan, United States.
The figure represents the level of confidence of consumers concerning their willingness to spend money. Generally speaking a high reading in this regard is taken as a bullish trend for the US Dollar whereas a low reading implies a bearish trend for the US Dollar (USD).
Considering the overall price trend over the last few days, buying Nasdaq (NAS100) near current levels may turn out to be a good decision over a short to medium term.