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Nasdaq Composite: half of the losses has been regained on 04.03.2016

After the decline from the level of 4700.0 and the loss of 750 points since the end of December, the price of Nasdaq Composite has regained half of the losses now. In the middle of the week the price closely approached resistance level of 4320.0 (ЕМА200, ЕМА144 and upper limit of the ascending channel on the daily chart), then the price slightly went down to the current level of 4320.0 (Fibonacci 50%) in anticipation of the data on Non-Farm PayRolls.

If NFPR will be above the forecast of 190 000 new jobs in February, the UDS and American stock indices, including Nasdaq Composite, will go up.

In this case the price will break down the level of 4365.0 and go up to 4410.0 (Fibonacci 61.8%) before 15-16 March (Meeting of the US Fed).

Further dynamics will depend on the interest rate decision, US economic statistics and comments of the US Fed after the meeting.

On the daily chart the indicators OsMA and Stochastic give signals to buy. On the four-hour chart indicators do not give clear signals.

If NFPR shows bad results the USD will go down.

The index Nasdaq Composite can go back to safer sales after consolidation of the price below the level of 4230.0 (Fibonacci 38.2%, ЕМА200, ЕМА144 on 4-hour chart, ЕМА200 on monthly chart).

In this case the nearest target will be at the level of 4125.0 (Fibonacci 23.6%).

Support levels: 4230.0 and 4125.0.
Resistance levels: 4365.0 and 4410.0.

Trading tips

Sell Stop: 4280.0. Stop: 4340.0. Targets: 4230.0 and 4125.0.
Buy Stop: 4350.0. Stop: 4290.0. Targets: 4365.0 and 4410.0.

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