Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Nasdaq: momentum is strongly upwards
2020-07-01 • Updated
Nasdaq may reach new highs soon. Get ready with us!
Fundamental outlook
The coronavirus pandemic was devastating for service, tourism and hospitality industries. In opposite, it turned out beneficial for tech companies. The lockdown restrictions forced people to stay at home and binge-watch Netflix, order online home deliveries through Amazon and even work remotely and use cloud services and Microsoft’s Teams video-conferencing service. No wonder that tech Nasdaq gained amid the virus outbreak. The stock index hugely surpassed pre-crisis levels and set a strong upward trend.
Technical tips
The Nasdaq is headed towards the resistance at the all-time high at 10 270. Hopefully, the risk-on market sentiment will contribute to it. The price has been stuck between two major trend lines. So, we can assume that the stock will continue its zig-zag movement and move up further. Support levels are at the recent low at 10 125 and the 200-day moving average at 10 030. Follow further news, especially the ADP report today at 15:15 MT time. If it comes better than the forecast, the market sentiment will improve and push stocks up.
Nasdaq is traded as CFD futures contract in MT4 and MT5. You need to choose NASDAQ-20U in order to open a position.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
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