Nasdaq 100 has pushed higher again and above the 21-day average at 9876 can keep the risk higher. Therefore, analysts at Credit Suisse see scope for a retest of long-term trend resistance and high at 10232/307.
Key quotes
“Nasdaq remains on the front foot after again holding support from its 21-day exponential average, currently seen at 9874 and we see scope for a retest of long-term resistance from 2011 and the current high seen at 10232/10307. Whilst we would look for a fresh cap here to maintain thoughts of a broader consolidation range, a direct break can see strength extend further with potential short-term trend resistance seen at 10400/10 and with the top of the weekly Bollinger Band at 10585, with better sellers expected here.”
“Support moves to 10115/10 initially, with a move below 10053 needed to ease the immediate upside bias with support then seen next at 9961/50.”
“A close below 9874 remains needed to add weight to the view we are in a broader consolidation phase with support seen next at 9704, then more importantly at 9489/73 – the June low and 23.6% retracement of the entire rally from March.”
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