The Nasdaq 100 technology index (#NDX) is trading below a downtrend channel that is projected since September 7. In the European session, the index tried to break the top of this channel, but has not been able to manage it. Now it is making a correction below this level and below the 200 EMA.

The main trend according to the daily chart continues to be bullish for the Nasdaq 100. The interim trend has been bearish since September 3, so the price could extend weakness. However, the United States economy is showing a little recovery which is benefiting the rise of the Nasdaq index and others, but #NDX needs a catalyst to consolidate above 15,400.

The SMA level of 21 is the key level to watch. If the Nasdaq consolidates above 15,200 in the 4-hour chart, a recovery is likely to happen and the index could gain momentum to break the top of the bearish channel.

On the contrary, if the Nasdaq trades below the SMA of 21 around 15,150, it is likely that the downward pressure will intensify and the price may fall to the psychological level of 15,000. This level is very strong since September 20. As a result, the Nasdaq has made a strong technical bounce. If the index consolidates around this level, it will be a good opportunity to buy again.

The technical reading of the eagle indicator is showing a bullish signal, so a correction towards the level of the 21 SMA around 15,200 or a strong technical bounce above 4/8 of murray and psychological level of 15,000 will be a good opportunity to buy with targets at 15,400 (top bearish channel) and 15,625 (6/8 of murray).

Support and Resistance Levels for September 27 - 28, 2021

Resistance (3) 15,386

Resistance (2) 15,312

Resistance (1) 15,230

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Support (1) 15,131

Support (2) 15,073

Support (3) 14,980

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Trading tip for NASDAQ 100 for September 27 - 28, 2021

Buy above 15,200 (SMA 21) with take profit at 15,312 and 15,400, stop loss below 15,130.

Sell below 15,150 with take profit at 15,000 (4/8), stop loss above 15,230.