. NASDAQ 100 News And Price Technical Analysis - 03 April 2023

NASDAQ 100 NEWS AND PRICE TECHNICAL ANALYSIS – 03 APRIL 2023

NASDAQ 100 NEWS AND PRICE TECHNICAL ANALYSIS – 03 APRIL 2023

03 Apr 2023

Nasdaq declines as trading in the second quarter gets underway as crude prices rise

The Nasdaq Composite dipped Monday as an spike in oil prices added another threat to an economy already struggling from Federal Reserve rate hikes and recent turmoil in the banking sector.

The Nasdaq Composite slid 0.4%.

The output cut from OPEC+, which is slashing 1.16 million barrels per day, sent oil prices soaring. West Texas Intermediate crude was 6.6% higher, while international benchmark Brent crude climbed 6%.

Traders are shedding optimism from recent market strength with the prospect of higher oil prices adding to fears of higher inflation and a looming recession.

The Energy Select Sector SPDR fund (XLE), which tracks the S&P 500 energy sector, popped more than 4%. Marathon Oil and Halliburton were the fund’s best performers, rising 9% and 6.2%, respectively.

All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March. The Nasdaq Composite led the way in the quarter with a gain of 16.8% in the first three months of the year for its second-straight positive quarter.

The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.

Manufacturing activity in the U.S. slipped further into contraction territory in March, according to a reading Monday.

The ISM Manufacturing Index, a closely watched barometer for the sector’s health, posted a reading of 46.3 for the month. 

NASDAQ 100 TECHNICAL ANALYSIS DAILY CHART:

NASDAQ 100 is currently trading in up channel.

NASDAQ 100 is currently trading above all SMA.

RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.

Immediate resistance is at 13293.53 & its immediate support level is 13212.88

HOW TO TRADE NASDAQ 100 IN THIS WEEK

The Nasdaq 100 is currently moving in an upward channel; it is currently at a support zone and is trying to stay within that zone. A further gain is possible if it maintains above the support zone.

TRADE SUGGESTION-BUY AT 13098.52, TARGET AT 13178.41, SL AT 13063.78