Categories: Technical analysis

Nasdaq-100 index Wave Analysis 8 January 2024

– Nasdaq-100 index reversed from support level 16170.00

– Likely to rise to resistance level 16930.00

Nasdaq-100 index recently reversed up from the pivotal support level 16170.00 (former double top from the end of November) intersecting with the 38.2% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 16170.00 stopped the previous short-term correction 2.

Given the predominant daily uptrend, Nasdaq-100 index can be expected to rise further to the next resistance level 16930.00 (previous monthly top from December).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: Nasdaq-100

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