Nasdaq 100: Scope for a retest of long-term trend resistance at 10232/307 – Credit Suisse


Nasdaq 100 has pushed higher again and above the 21-day average at 9876 can keep the risk higher. Therefore, analysts at Credit Suisse see scope for a retest of long-term trend resistance and high at 10232/307.

Key quotes

“Nasdaq remains on the front foot after again holding support from its 21-day exponential average, currently seen at 9874 and we see scope for a retest of long-term resistance from 2011 and the current high seen at 10232/10307. Whilst we would look for a fresh cap here to maintain thoughts of a broader consolidation range, a direct break can see strength extend further with potential short-term trend resistance seen at 10400/10 and with the top of the weekly Bollinger Band at 10585, with better sellers expected here.” 

“Support moves to 10115/10 initially, with a move below 10053 needed to ease the immediate upside bias with support then seen next at 9961/50.”

“A close below 9874 remains needed to add weight to the view we are in a broader consolidation phase with support seen next at 9704, then more importantly at 9489/73 – the June low and 23.6% retracement of the entire rally from March.”

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures