Stocks Trade Mixed

Nasdaq 100 Technical Analysis 18 October, 2021

• Nasdaq 100 reversed from support zone
• Likely to rise to resistance level 15500,00

Nasdaq 100 index continues to rise inside the minor impulse wave 5, which started earlier – when the index reversed up from the support zone lying between the pivotal support level 14500,00 (previous monthly low from July), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May. The upward reversal from this support zone stopped the previous sharp upward impulse wave 3.

Given the strength of the aforementioned support zone and the clear multi-month uptrend , Nasdaq 100 index can be expected to rise further toward the next resistance level 15500,00 (top of the previous wave (b) from the end of September).

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