• Nasdaq 100 reversed from key resistance level 16675.00
• Likely to fall to support level 16200.00
Nasdaq 100 index recently reversed down with the daily Doji from the resistance zone lying at the intersection of the key resistance level 16675.00 (which stopped the previous minor impulse wave 1 in the middle of November) intersecting with the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous upward impulse wave 3.
Given the strength of the aforementioned resistance zone, worsening sentiment as seen across the equity markets today and the overbought reading on the daily Stochastic indicator, Nasdaq 100 index can be expected to fall further toward the next support level 16200.00.