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Nasdaq-100 breaks resistance zone, eyeing 30,770

Analysts point to the move as a continuation of the index’s prevailing uptrend, targeting the 30,770 resistance area tied to a former June double top.

Reported · Written up by our desk · FX Futures

Action Forex says the Nasdaq-100 index recently broke a resistance zone defined by the resistance trendline of a daily down channel from June, where it also intersects the 61.8% Fibonacci correction of the downward impulse C from June.

The outlet adds that the breakout accelerated the active minor impulse wave 3 within the broader intermediate impulse wave (3) that began at the end of July.

With the uptrend in place, Action Forex expects further upside toward the next resistance level at 30,770.00, which it links to a former double top from June.

Latest closeNasdaq Comp. 26,803.03 ▲0.8%

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