Is Nasdaq 100 Ready For A Move Towards It’s All-Time High?
From the beginning of November till today, indices experienced a strong rally, where some made double digit gains. NNDQUSD has been one of those, which added around 12% to its value. But that’s, basically, what the index lost in the period between the mid-July and end of October. We can see that the index is now getting a hold near the previous highest point of this year, at around 16062. Although we saw a few breakouts above that hurdle, still, the price remains below it. Although there is a good chance to see further declines, we would prefer to wait for the body of the weekly candle to stay above that hurdle first.
If that happens, NNDQUSD may travel further north, possibly targeting the area near the all-time high. First, it may be the level at 16659, which might come into play. That level marks the high of 27th of December 2021. Slightly above it lies the current all-time high, at 16767. That is the highest point of 2021.
To consider a move lower, at least in the near term, a drop below the 15719 zone would be required. That zone is marked by the highest point of September and by the current lowest point of December. If that drop happens, this may clear the path towards a larger correction lower towards the medium-term tentative upside support line drawn from the lowest point of January.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
If that happens, NNDQUSD may travel further north, possibly targeting the area near the all-time high. First, it may be the level at 16659, which might come into play. That level marks the high of 27th of December 2021. Slightly above it lies the current all-time high, at 16767. That is the highest point of 2021.
To consider a move lower, at least in the near term, a drop below the 15719 zone would be required. That zone is marked by the highest point of September and by the current lowest point of December. If that drop happens, this may clear the path towards a larger correction lower towards the medium-term tentative upside support line drawn from the lowest point of January.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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