Stocks Trade Mixed

NASDAQ-100 Technical Analysis 24 November, 2021

• NASDAQ-100 broke daily up channel
• Likely to fall to support level 15917.00

NASDAQ-100 index continues to fall after the earlier downward reversal from the resistance zone lying between the key resistance level 16400.00 (which stopped the previous wave (1) at the start of November), upper daily Bollinger Band and the resistance trendline of the daily up channel from the middle of October. The index earlier broke the aforementioned up channel – which accelerated the active short-term ABC correction 2.

Given the widespread risk -averse sentiment seen across the global equity markets today, NASDAQ-100 index can be expected to fall further toward the next support level 15917.00 (which stopped the previous wave (2), and the target price for the completion of the active ABC correction 2).

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