Categories: Technical analysis

Nasdaq 100 Wave Analysis – 7 November, 2022

• Nasdaq 100 reversed from pivotal support 10650.00

• Likely to rise to resistance level 11585.00

Nasdaq 100 index recently reversed up from the pivotal support 10650.00 (which stopped wave 5 in the middle of October) – standing near the lower daily Bollinger Band.

Upward reversal from the key support 10650.00 created the daily candlesticks reversal pattern Piercing Line, which stopped the earlier impulse waves 3 and (3).

Given the strength of the support 10650.00 ,Nasdaq 100 can be expected to rise further toward the next resistance level 11585.00.

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

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