Nasdaq 100 rebounds from interim lows however faces resistance close to 25,650 factors, with technical alerts suggesting a quick bounce earlier than potential continuation of the pullback, Société Générale’s FX analysts word.
Index approaches 50-DMA and higher descending channel
“Nasdaq 100 carved out an interim low close to 23970/23850pts final week. It has rapidly reclaimed October lows highlighting an absence of regular downward momentum. The index is now difficult the 50-DMA and is approaching the higher restrict of a descending channel.”
“A quick bounce is probably going nonetheless latest decrease excessive of 25650pts could possibly be a short-term hurdle. There can be a threat of continuation in pullback if the index fails to cross this resistance.”
