Technical Analysis of Nasdaq 100 Index in 1 Hour Time Frame

NASDAQ_DLY:NDX   Nasdaq 100 Index
(1) In hourly time frame, we can observe that the price was moving through a parallel channel in upward direction.

(2) From upside, 18,400 level is performing as a strong resistance and the price couldn’t sustain above this level.

(3) 17,800 level is an immediate support for the price as the price has taken support in here for multiple times.

(4) Recently with a gap down, price is currently trading below its trend line support level.

(5) There is a possible chance that the price again can come to its support zone and bounce back from here.

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