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Nasdaq-100 set to target 30,770 after rebounding from 28,800

The rebound off the 28,800 support zone is framed as an end to a short term ABC correction, with the next stop placed at 30,770.

Reported · Written up by our desk · FX Futures

Nasdaq-100 has reversed upward from a support zone anchored around 28,800.0, an area that has been limiting downside since May, according to technical levels cited in the analysis.

The move is also linked to the 38.2% Fibonacci correction of the April upward impulse and the lower daily Bollinger Band, with the reversal described as stopping a prior short term ABC correction 2.

With the daily uptrend flagged as intact, the Nasdaq-100 is expected to rise toward the next resistance level at 30,770.0, where earlier waves (3) and 1 were said to have stalled.

The analysis notes that the price reversal from 28,800.0 stopped the earlier corrective phase, setting up the projection for further upside to the identified resistance area.

Latest closeNasdaq Comp. 26,206.89 ▲1.3%

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