06, July 2016

Nasdaq (a 4-hour chart)

Nasdaq (a 4-hour chart)

General overview

The global stock markets showed a negative trend yesterday. The demand for risky assets decreased and Nasdaq Composite fell by 1.13%.

Current situation

The Nasdaq returned to sales after a four-day rally. The index reversed at 4440 and fell below 4400. The Nasdaq Composite ended the day at mark 4384. The resistance comes at 4400, the support exists at 4350.

Even though MACD decreased its histogram remained in a positive zone. RSI moved away from the oversold area. Both indicators recommend short positions. The price broke the 200-EMA and touched the 100-day moving average. The 200-day moving direction is horizontal. The 50-EMA and 100-EMA are moving downwards.

Trading recommendations

The price is likely to go to the support level of 4350.