Nasdaq 100 rebounds from interim lows however deals with resistance near 25,650 points, with technical signals recommending a short bounce before possible extension of the pullback, Société Générale’s FX experts keep in mind.
Index techniques 50-DMA and upper coming down channel
” Nasdaq 100 took an interim low near 23970/23850pts recently. It has actually rapidly recovered October lows highlighting an absence of constant down momentum. The index is now challenging the 50-DMA and is approaching the ceiling of a coming down channel.”
” A quick bounce is most likely nevertheless current lower high of 25650pts might be a short-term obstacle. There would be a danger of extension in pullback if the index stops working to cross this resistance.”
Source: FXstreet.
