Wall Street futures fell on Thursday amid renewed tensions on the Russia-Ukraine border. The losses were for the Nasdaq 100 (#NDX) with more than 2.88%, reaching the low of the day at 14,132.
Market participants and investors fear chaos, but still hope for the best. Indices react amid concerns about a war in East Europe.
According to the daily chart, the Nasdaq-100 failed to consolidate above the 21 SMA located at 14,524. At the beginning of the American session, it reached the level of 14,617 and from that point it made a technical correction, reaching the support of 14,130.
The trend remains bearish according to the daily chart. As long as the index remains below the 200 EMA (14,914), the bearish pressure will persist. In the next few hours, we expect a pullback towards the resistance zone of 3/8 Murray or towards the SMA 21 at 14,524.
The Eagle indicator reached an oversold zone around 5-points which represents an imminent rebound. This upward movement could happen in the next few days towards the resistance zone 14,900.
Our trading plan for the next few hours is to buy above the symmetrical triangle around 14,150 with targets at 14,524 (21 SMA) and up to 14,914 (200 EMA).
Support and Resistance Levels for February 18 - 21, 2022
Resistance (3) 14,786
Resistance (2) 14,470
Resistance (1) 14,301
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Support (1) 13,985
Support (2) 13,816
Support (3) 13,611
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Scenario
Timeframe H4
Recommendation: buy above
Entry Point 14,150
Take Profit 14,524; 14,914
Stop Loss 14,050
Murray Levels 15,625 (5/8), 15,000(4/8), 14,375 (3/8), 13,750(2/8)
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