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Trading signals for Nasdaq 100 (#NDX) on December 29 – 30, 2021: sell below 16,562 (5/8)

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The Nasdaq 100 Technology Sector Index (#NDX) has reached an extreme overbought zone around the 5/8 Murray line at the price of 16,562. A technical correction is expected in the next few hours towards the 200 EMA located at 16,090.

A confirmation of this correction could occur if the Nasdaq 100 trades below the 21 SMA and below 16,443 points. Then the correction may accelerate to the psychological level of 16,000.

The main trend is bullish according to the daily chart. However, the Eagle indicator is showing a sign of a price reversal which suggests that momentum may be preparing to turn lower.

If the Nasdaq 100 trades again above 5/8 Murray and above 16,600 points, it will nullify the price depletion signal and signal a resumption of the uptrend.

On the other hand, if the Nasdaq falls and trades below 16,446 it will confirm the signal of technical correction of the Eagle indicator. This could trigger a 2-3-day correction in the retracement zone at 16,090 (200 EMA) and up to 2/8 Murray at 15,625.

Our trading plan in the next few hours is to sell below 5/8 Murray with a target at 16,440 (21 SMA). If the price breaks this zone, we will continue to sell with targets towards the psychological level of 16,000.

Support and Resistance Levels for December 29 – 30, 2021

Resistance (3) 16,875

Resistance (2) 16,748

Resistance (1) 16,631

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Support (1) 16,426

Support (2) 16,337

Support (3) 16,221

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A trading tip for Nasdaq 100 on December 29 – 30, 2021

Sell below 16,562 (5/8) with take profit at 16,446 and 16,090 (200 EMA), stop loss above 16,631.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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