Market Analysis – December 30
The NASDAQ 100 index (NAS100) has retreated after buyers faced exhaustion at the 22,068.40 resistance level. This pullback has brought the price to a significant demand zone at 20,771.00, where it found support. Bulls are now attempting to regain momentum and resume the broader uptrend.
Nasdaq 100 Key Levels To Watch
Demand Levels: 20,771.70, 20,129.40, 19,629.90
Supply Levels: 22,068.40, 23,000.00, 24,000.00
Nasdaq 100 Long-Term Trend: Bullish
Despite a significant correction in Q3 2024, during which the index dropped from a peak of 20,771.00 to lows of 17,637.00, the broader trend remains upward.
In September, the Williams Percent Range dipped into oversold territory as prices revisited the bullish order block at 18,434.10, marking the beginning of a recovery. The subsequent price climb above the 30-period and 80-period Moving Averages signaled strengthening bullish momentum.
The rally gained further traction within a rising channel, reaching a high of 22,068.40. However, at this level, the Williams %R signaled overbought conditions, prompting the current pullback.
Nasdaq 100 Short-Term Trend: Bullish
After descending to the 20,771.00 demand zone, the NASDAQ 100 has started to bounce back. However, the 4-hour chart shows a somewhat hesitant recovery, with a lower swing high on the higher timeframe suggesting that bullish momentum may be faltering.
Despite this, the bulls are not entirely out of steam. With key support levels holding firm, there is potential for the uptrend to regain strength. Investors and traders are keeping a close watch on these levels while monitoring forex signals for broader market trends.
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