Nasdaq tests previous highs/lows support.

18/02/2021

This week has not been a good one for the tech-heavy Nasdaq 100 index as it is down for three days in a row, losing 0.8% ahead of the US session on Thursday.

It looks like the index is having problems defending previous highs and lows at around 13,600 USD, which could be a major short-term support. 

If the price drops below this week's and last week's lows near 13,550 USD, larger stop-losses might be hit, possibly triggering another leg lower, targeting 13,350 USD.

Alternatively, if the US session brings more buyers, the resistance could be near 13,650 USD, and if not broken to the upside, a further rally toward 13,800 USD could occur.

The medium and long-term trends remain bullish, but the short-term outlook is not that favorable, considering overbought conditions and large deviations from moving averages. 
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