Nasdaq 100 Index Opens Higher, Poised to Retake 12400 As Record High Beckons

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Written By: Eno Eteng (MSTA)

Nov 27, 2020, 16:03 GMT 16:03

nasdaq

Summary:

The Nasdaq 100 index resumes the upside, but moves are muted due to lack of major fundamental influences from macroeconomic data.

The US indices opened higher this Friday, following Thursday’s Thanksgiving Holiday. The Nasdaq 100 index was up nearly 1.2% and was approaching the 12,297 mark at the time of writing.

At this time, the market influences are the risk flows that dominated markets earlier in the week, as there are no major macroeconomic data releases today to impact markets strongly.

Technical Outlook for Nasdaq 100

Today’s 1.2% move resumes the uptrend after the break of the triangle to the upside. This is reinforced by the bounce from the 12163.4 support level. However, buying momentum needs to be sustained to take the pair above the 12400 support (just below the 9 November high at 12417.6). 12439.2 (all-time high) is the price to beat for buyers. A breach of this level could bring in the 161.8% Fibonacci extension of 12914.4 into view.

On the other hand, 12003.6 interacts with the upper boundary of the triangle and could serve as the initial support for a pullback. Below this area, 11820.4 and 11608.5 remain additional targets to the south. The triangle’s bullish continuation is invalidated if the price falls below 11176.3 (20 August, 30 September, and 20 October lows).

Nasdaq 100 Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.