NASDAQ100 21 February analysis
Today, investors and traders are keeping a close eye on the release of the PMI number, which has a forecast of 47. However, there are concerns that even a forecast as high as 50 may not be good for the economy. Despite this, the expected forecast for today's PMI number is 47, and this leaves some wondering if it will be sufficient to support economic growth.
As for the Nasdaq100, there are indications that it may be on the selling side today, and the sentiment towards the market is bearish. Specifically, I am leaning towards selling and holding selling trades. It is expected that a support zone will exist between 12200 and 12250, while a resistance zone for selling will likely be between 12350 and 12450. It is worth noting that the major supports and resistances lie at 12000 and 12850, respectively. However, I believe that today the support at 12200-12250 may break, leading to further selling pressure.
When it comes to trading, it is essential to keep these levels in mind as they can provide guidance for decision-making and managing risk. To maximize profits, it is advisable to trade within the support and resistance zones. However, it is equally important to have a well-thought-out trading strategy and risk management plan in place to minimize the risks associated with trading.
In summary, traders are encouraged to proceed with caution and trade according to these levels. By doing so, traders can make informed decisions and reduce the likelihood of incurring undue risk. Wishing you all the best in your trading endeavors.
As for the Nasdaq100, there are indications that it may be on the selling side today, and the sentiment towards the market is bearish. Specifically, I am leaning towards selling and holding selling trades. It is expected that a support zone will exist between 12200 and 12250, while a resistance zone for selling will likely be between 12350 and 12450. It is worth noting that the major supports and resistances lie at 12000 and 12850, respectively. However, I believe that today the support at 12200-12250 may break, leading to further selling pressure.
When it comes to trading, it is essential to keep these levels in mind as they can provide guidance for decision-making and managing risk. To maximize profits, it is advisable to trade within the support and resistance zones. However, it is equally important to have a well-thought-out trading strategy and risk management plan in place to minimize the risks associated with trading.
In summary, traders are encouraged to proceed with caution and trade according to these levels. By doing so, traders can make informed decisions and reduce the likelihood of incurring undue risk. Wishing you all the best in your trading endeavors.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.