Nasdaq 100 to plunge towards October trough of 14380 on a break below 15500/15350 – SocGen
|Nasdaq-100 uptrend faced stiff resistance at the upper limit of an ascending channel drawn since October 2020 at 16760. Range-bound price action has developed after this test. A break below the lower limit at 15500/15350 would open up the October trough of 14380, economists at Société Générale report.
A rebound towards the recent peak of 16760 is not ruled out
“The index is now near the lower limit at 15500/15350. This is a crucial support.”
“A rebound towards 16230 and recent peak of 16760 is not ruled out.”
“Only a break below 15500/15350 would mean possibility of a deeper pullback towards the 200-DMA at 14880 and October trough of 14380.”
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.