Nasdaq-100 index Technical Analysis Report 12 March, 2024

Dmitry Chernovolov Market Analyst

Nasdaq-100 index can be expected to rise further toward the next resistance level 18350.00, which stopped the price twice from the end of February.

– Nasdaq-100 index reversed from key support level 17815.00

– Likely to rise to resistance level 18350.00

Nasdaq-100 index recently reversed up from the key support level 17815.00, which has been reversing the price from the end of February.  The support level 17815.00 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous sharp upward impulse from the middle of last month. The upward reversal from the support level 17815.00 continues the active impulse waves iii and 3 – both of which belong to the higher order impulse wave (3) from the start of January.

Given the clear daily uptrend and the improvement of the sentiment that can be seen across the global equity markets today, Nasdaq-100 index can be expected to rise further toward the next resistance level 18350.00, which stopped the price twice from the end of February.

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