FX.co ★ Trading signal for NASDAQ 100 (#NDX) on November 10 - 11, 2021: buy above 16,120

Nasdaq 100 (#NDX) is trading below the 21 SMA. The last time it consolidated below this moving average was on October 13. Given that, it is now situated below 16,283. This could be a negative sign and the index could drop to the 7/8 murray support around 15,937.

On November 4, the eagle indicator touched the 95-point level, that was the key bearish reversal signal. Since then, the Nasdaq began a decline that could drag the price down to 15,625 in the next few days where the EMA 200 is located.

The eagle indicator is fluctuating within a downtrend channel. A recovery of the Nasdaq 100 is likely in the coming hours. In case if US inflation moderated in October, Nasdaq could retest the strength of the SMA of 21.

A pullback towards the level of 16,283 will be an opportunity to sell with targets at 15,937 where there is the 7/8 of murray. If this support is broken, the index could continue its downward movement to the EMA of 200 located at 15,557 around 6/8 murray.

Below we leave the support and resistance levels for the next two days.

Support and Resistance Levels for November 10 - 11, 2021

Resistance (3) 16,345

Resistance (2) 16,250

Resistance (1) 16,195

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Support (1) 16,088

Support (2) 16,024

Support (3) 15,937

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A trading tip for NASDAQ 100 for November 10 - 11, 2021

Buy above 16,120 with take profit at 16,283 (SMA 21), stop loss below 16,070.