05, August 2016

Nasdaq (a 4-hour chart)

Nasdaq (a 4-hour chart)

General overview

American stocks showed little change on the back of the Bank of England decision to cut the rate.

Current situation

The index enjoyed a mixed session through trade on Thursday. The trading instrument remains in the upward channel. The index closed the day bullish. The resistance is at 4765, the support stands at 4700.

MACD is in the positive area. The MACD remained at the same level which confirms the strength of buyers. RSI is close to the overbought area.

The price bounced off the 50-EMA in the 4 hours chart. All moving averages are pointing higher which is a buy signal.

Trading recommendations

The potential growth target is the resistance level of 4800. We do not exclude the falls to 4650.