Nasdaq 100 has had another strong start to the week as the market gaps higher yet again, reinforcing the break of long-term trend resistance from 2011 for a test of next flagged resistance at 10560/620. Whilst analysts at Credit Suisse look for this level to cap at first, a direct break can send the tech index towards the top of the weekly Bollinger Band at 10795/800.
“Near-term, strength has extended to our next flagged resistance at 10610/25. Whilst a pullback from here should be allowed for, a direct break can see resistance next at the top of the weekly Bollinger band, now at 10795/800. Above here can see the psychological 11000 barrier, with further Fibonacci projection resistance then seen at 11060/65, which we look to prove a tougher initial barrier.”
“Support from the price gap from yesterday needs to hold to keep the immediate risk higher, seen starting at 10486 and stretching down to 10342/29. Below can see a correction lower emerge, with support next at 10143/10.”
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.