02, November 2016

Nasdaq(a 4-hour chart)

Current situation

The index had a negative day on Tuesday. The price stayed in red figures, maintaining its bearish tone during the day. Sellers broke the level 4800 post-European open and approached 4770 in the NY session. Prices bounced off the 50-EMA in the 1 hour chart and headed away from the moving. The 50 and 100 EMAs accelerated their decline, crossing the moderately bearish 200-EMA in the mentioned timeframe. The resistance is seen at 4800, the support is at 4770.

 MACD decreased which confirms the strength of sellers. RSI moved towards the oversold area.

Trading recommendations

We suppose the index will go to 4770 first. Having overcome the first target the price might advance towards 4740.