| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 14600.0 |
| Take Profit | 13900.0 |
| Stop Loss | 15000.0 |
| Key Levels | 13900.0, 14600.0, 15000.0, 15500.0 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 15000.0 |
| Take Profit | 15500.0 |
| Stop Loss | 14800.0 |
| Key Levels | 13900.0, 14600.0, 15000.0, 15500.0 |
Current trend
Leading tech index NQ 100 is correcting at 14794.0 amid the ending corporate reporting period, preparing to start a new cycle of decline.
One of America's leading business software companies, Intuit Inc., reported 2.70 billion dollars in revenue, beating analysts' expectations of 2.64 billion dollars, and earnings per share of 1.65 dollars, over 1.43 dollar forecast.
In turn, the Chinese Internet technology company NetEase Inc. reported a decrease in revenue to 24.01 billion yuan, while analysts had expected 24.84 billion yuan, but earnings per share were 14.01 yuan, exceeding the projected 9.14 yuan and 2.32 yuan recorded a quarter earlier.
American manufacturer of memory and microcontrollers Marvell Technology Inc. reported earnings of 1.34 billion dollars, up from 1.33 billion dollars forecast, and earnings per share of 0.33 dollars, compared to expectations of 0.32 dollars.
The growth leaders in the index are Autodesk Inc. ( 2.07%), Seagen Inc. ( 1.08%), Diamondback Energy Inc. ( 0.53%), PDD Holdings Inc. ( 0.45%).
Among the leaders of the decline are Dollar Tree Inc. (-12.90%), AMD Inc. (-6.97%), Marvell Technology Inc. (-6.85%), Enphase Energy Inc. (-6.15%).
Support and resistance
On the daily chart, the index quotes are traded within the framework of the global Head and Shoulders reversal pattern, dropping to the Neck line at 14600.0.
Technical indicators keep the sell signal, which was received at the beginning of the month: fast EMAs on the Alligator indicator are still moving away from the signal line, and the AO histogram is forming new corrective bars, declining in the sell zone.
Support levels: 14600.0, 13900.0.
Resistance levels: 15000.0, 15500.0.
Trading tips
If the asset continues declining and the price consolidates below 14600.0, short positions can be opened with the target at 13900.0. Stop-loss — 15000.0. Implementation time: 7 days and more.
If the asset continues growing locally and consolidates above 15000.0, long positions with the target at 15500.0 will be relevant. Stop-loss — 14800.0.
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