fbNd100 Forecast | Nd100 forecast bullish after positive US data | IFCM India

Technical Analysis Nd100 : 2021-07-23

Recommendation for Nasdaq:

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Strong SellSellNeutralBuyStrong Buy

Above 15007.52

Buy Stop

Below 14449.63

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 1862
RSI Neutral
Donchian Channel Neutral
MA(200) Buy
Fractals Neutral
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The Nd100 technical analysis of the price chart in daily timeframe shows Nd100: D1 is rebounding above the 200-day moving average MA(200) which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 15007.52. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 14449.63. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (14449.63) without reaching the order (15007.52), we recommend cancelling the order: the market has undergone internal changes which were not taken into account

Fundamental Analysis

US economic reports were mostly positive lately. Will the Nd100 rebound continue?

Recent US economic data were positive on balance. Inflation accelerated in June. And while industrial production growth eased in June it still indicated ongoing economic recovery. Retail sales rose more than expected in June. Existing home sales rose higher, snapping a four-month streak of declines. On the negative side, new applications for US unemployment benefits saw a surprise uptick last week. Thus annual inflation rate in the US accelerated to 5.4% in June from 5% in May, hitting a fresh high since August of 2008. Industrial production increased by 9.8% from a year earlier in June, easing from an upward revised 16.1% growth in the previous month. Retail trade rose 18.0 percent from a year earlier in June when a 14% increase was expected. Existing home sales increased 1.4% mom in June, the first rise in five months. Initial jobless claims climbed to 419,000, an increase of 51,000 over the previous week. And US stocks rebounded on the back of recent strong earnings reports which boosted investor confidence. Positive US data are bullish for Nd100.

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