Daily Analysis NAS100 - 27 Feb 2023

Latest News: On Monday, it is expected that the stock market in the United States will start the day with a positive trend, bouncing back from the previous week's losses. The reason for this optimism is the anticipation of the release of several economic reports that will shed light on the direction of interest rates in the near future.

Technical Analysis: Based on the technical analysis of the Nasdaq100 index, we observe that it has recently transitioned into a bearish trend after being in an uptrend since the start of 2023. This shift can be attributed to the latest economic data and statements from the Federal Reserve.

Looking at the chart, we can identify a support level at 12.010, which provided the index with a bounce from the bottom of the downtrend. This support level could potentially act as a buying opportunity for traders who believe that the index will rebound from its current bearish trend.

On the other hand, the 12.230 level represents a key resistance level to watch. If the index manages to break above this level, it could signal a shift back into a bullish trend. However, if the index fails to break above this level and continues to trend downwards, it could indicate a further decline in the near future.

 

Support: 12.010 – 11.900 – 11.690        Resistance: 12.230 – 12.420 – 12.700