The Nasdaq 100 has staged a strong recovery from recent lows, forming a higher trough at 17600 points. However, the index now faces resistance from a descending trend line and a key pivot level at 19235 points, with potential targets at 19700 and 20300 if momentum continues, Société Générale's FX analysts note.
Nasdaq 100 eyes resistance at 19235
"Nasdaq 100 has experienced a swift rebound after carving out a higher trough at 17600pts than the one achieved earlier this month at 16540pts. The upside has so far remained contained at the steep descending trend line drawn since February and short of recent pivot high at 19235pts."
"A brief consolidation is not ruled out after recent sharp up / down swings. In the event that the bounce extends beyond 19235pts, the 50-DMA near 19700pts and 20300pts would be the next hurdles."
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