The Nasdaq 100 is stabilizing after breaking its descending channel and retaking the 50-DMA, however momentum is capped close to the 25,890 hole, Société Générale’s FX analysts word.
Index builds base after reclaiming 50-DMA
“Nasdaq 100 lately broke above the higher band of a steep descending channel and reclaimed the 50-DMA. The advance has stalled close to earlier down hole at 25890pts. The index seems to be forming a small base.”
“The 50-DMA, presently round 25200pts, is a short-term assist and defending that is essential for continuation within the uptrend. A breakout above 25890pts might pave the best way for extension in up transfer in the direction of October highs close to 26180pts, adopted by projections round 26600pts.”
