Nasdaq-100 index Wave Analysis 12 March 2024

– Nasdaq-100 index reversed from key support level 18000.00

– Likely to rise to resistance level 18400.00

Nasdaq-100 index recently reversed up from the key support level 18000.00 (former strong resistance from February acting as the support after it was broken earlier) coinciding with the 20-day moving average.

The upward reversal from the support level 18000.00 continues the three of the active impulse waves iii, 3 and (3).

Given the predominant daily uptrend, Nasdaq-100 index can be expected to rise further toward the next resistance level 18400.00 (which reversed the index earlier this month).