Nasdaq 100 Price Keeps Marching Towards the $11,050 Resistance Level

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The first trading week of the year 2023 ended with Nasdaq 100 claiming the $11,040 price level. Additionally, going by signs on technical indicators, it’s likely that the price may advance toward at least the $11,050 price level – if not surpassing it once the action begins.

Major Price Levels:
Top Levels: $11,040, $11,060, $11,090
Floor Levels: $11,020, $11,000, $10,950

Nasdaq 100 Price Keeps Marching Towards the $11,050 Resistance Level

Nasdaq 100 Price Action Poses for More Upside Moves

After price action in the Nasdaq 100 daily market ended last Friday’s trading session on the positive side, it appears that the opening of the new week’s trading may advance prices toward more elevated price levels. The lines of the Stochastic RSI indicator are still moving toward the oversold region. Meanwhile, the MACD indicator is also revealing a decrease in downward momentum. Also, the curves of this indicator are now approaching a crossover under the 0.00 level. More interestingly, the current price of the Nasdaq 100 is now above the Moving Average curve. Therefore, it’s looking like this market is prepared for more upside moves.

Nasdaq 100 Price Keeps Marching Towards the $11,050 Resistance Level

Nasdaq 100 Seems Ready to Claim $11,050

In the Nasdaq 100 four-hour market price candles have risen further above the Moving Average line. Here, another green candlestick has formed following the one that initially broke the Moving Average line to the upside. Furthermore, the MACD lines have continued to move upward, with green histogram bars appearing above the equilibrium level. Also, the lines of the Stochastic RSI seem to have bounced upwards, and have given an upside crossover after falling to near the 80 levels of the indicator. Consequently, this indicates a gain in bullish momentum. Therefore, traders can anticipate that prices in the Nasdaq 100 market may eventually claim the $11,050 price level when trading activities begin for the week.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.