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.

Share
Published by
The FxPro Tech Analysis Team
Tags: nasdaq

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

3 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

4 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

4 days ago

This website uses cookies