Overview
The Nasdaq 100 is currently trading around 14700, which is a key support level. I anticipate that the price will break below this support level, bounce at the next support level, and then retest the newly formed resistance at 14700. After the retest, I expect a further decline to 14540.
Fundamentals
The current macroeconomic environment is challenging for technology stocks, with rising interest rates and inflation. This is likely to put pressure on the Nasdaq 100 in the near term. However, the long-term fundamentals for the Nasdaq 100 remain strong, as it is home to some of the world's leading technology companies.
Technical Analysis
The Nasdaq 100 has been in a downtrend since November 2021. The price has recently broken below a key support level at 15000, which suggests that the downtrend is likely to continue. The next support level is at 14540.
Entry
Enter a short trade on the Nasdaq 100 at 14700.
Stop Loss
Place a stop loss order above the previous swing high at 14800.
Take Profit
Take profit at the next support level at 14540.
Risk Management
Risk no more than 2% of your capital on any single trade.
Disclaimer: This is just a trading idea, and it is not guaranteed to be profitable. Please do your own research before making any trading decisions.
The Nasdaq 100 is currently trading around 14700, which is a key support level. I anticipate that the price will break below this support level, bounce at the next support level, and then retest the newly formed resistance at 14700. After the retest, I expect a further decline to 14540.
Fundamentals
The current macroeconomic environment is challenging for technology stocks, with rising interest rates and inflation. This is likely to put pressure on the Nasdaq 100 in the near term. However, the long-term fundamentals for the Nasdaq 100 remain strong, as it is home to some of the world's leading technology companies.
Technical Analysis
The Nasdaq 100 has been in a downtrend since November 2021. The price has recently broken below a key support level at 15000, which suggests that the downtrend is likely to continue. The next support level is at 14540.
Entry
Enter a short trade on the Nasdaq 100 at 14700.
Stop Loss
Place a stop loss order above the previous swing high at 14800.
Take Profit
Take profit at the next support level at 14540.
Risk Management
Risk no more than 2% of your capital on any single trade.
Disclaimer: This is just a trading idea, and it is not guaranteed to be profitable. Please do your own research before making any trading decisions.
Trade closed: target reached