US Stocks

Nasdaq-100 Technical Analysis 29 November, 2021

• Nasdaq-100 reversed from support zone
• Likely to rise to resistance level 16650.00

Nasdaq-100 index recently reversed up from the support zone lying at the intersection of the round support level 16000.00 (which has been reversing the price from the start of November), lower daily Bollinger Band and the 50% Fibonacci correction of the upward price impulse from the middle of October. The upward reversal from this support zone started the active short-term impulse wave 3.

Given the clear daily uptrend and the improvement of the risks sentiment across the USA equity markets today, Nasdaq-100 index can be expected to rise further toward the resistance level 16650.00 (which stopped the previous sharp upward impulse wave 1).

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