FxWirePro: NASDAQ100 to decline further as trade tensions mount
U.S. tech-heavy index, NASDAQ100 to face further decline as China steps up its own effort to counter U.S. tariff of 25 percent on Chinese goods worth $250 billion. We at FxWirePro previously discussed how the tariff war …
U.S. tech-heavy index, NASDAQ100 to face further decline as China steps up its own effort to counter U.S. tariff of 25 percent on Chinese goods worth $250 billion.
We at FxWirePro previously discussed how the tariff war would hurt both countries and President Trump’s determination to bring back manufacturing jobs back in the United States would cost U.S. technology companies, which have a vast presence in China.
In response to the recent escalation of trade tensions where negotiations failed to yield results and both sides resorting to imposing tariffs on goods from the other, Chinese companies are asking their employees to cut back on U.S. products like Apple iPhones. It is hardly a wonder that the share price of Apple has fallen more than 17 percent from its peak in May.
We expect further decline should the tariff war remain escalated.
Trade idea:
Keep NASDAQ100 short with the following targets - 7041, 6650, and 6300. The index is currently trading at 7250 area, down almost 650 points from the peak.
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