Nasdaq 100 tests key resistance at 25,890 – Société Générale
|The Nasdaq 100 is stabilizing after breaking its descending channel and retaking the 50-DMA, but momentum is capped near the 25,890 gap, Société Générale's FX analysts note.
Index builds base after reclaiming 50-DMA
"Nasdaq 100 recently broke above the upper band of a steep descending channel and reclaimed the 50-DMA. The advance has stalled near previous down gap at 25890pts. The index appears to be forming a small base."
"The 50-DMA, currently around 25200pts, is a short-term support and defending this is crucial for continuation in the uptrend. A breakout above 25890pts could pave the way for extension in up move towards October highs near 26180pts, followed by projections around 26600pts."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.