Nasdaq 100 reclaims October lows amid weak downward momentum – Société Générale
|Nasdaq 100 rebounds from interim lows but faces resistance near 25,650 points, with technical signals suggesting a brief bounce before potential continuation of the pullback, Société Générale's FX analysts note.
Index approaches 50-DMA and upper descending channel
"Nasdaq 100 carved out an interim low near 23970/23850pts last week. It has quickly reclaimed October lows highlighting a lack of steady downward momentum. The index is now challenging the 50-DMA and is approaching the upper limit of a descending channel."
"A brief bounce is likely however recent lower high of 25650pts could be a short-term hurdle. There would be a risk of continuation in pullback if the index fails to cross this resistance."
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