Nasdaq 100 Wave Analysis – 9 January, 2023

• Nasdaq 100 reversed from key support level 10700.00

• Likely to rise to resistance level 11400.00

Nasdaq 100 index recently reversed up from the key support level 10700.00 (which has been repeatedly reversing the price from the middle of October).

The upward reversal from the support level 10700.00 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strength of the support level 10700.00, Nasdaq 100 can be expected to rise further toward the next resistance level 11400.00 (former strong support from the November and December).