Nasdaq 100, DAX 30, Dow Jones Forecasts for Next Week

Technical Forecast for NASDAQ 100

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Nasdaq 100 started quite well last week and on Friday it completed the round-trip, finishing slightly higher compared to Monday’s open. Subsequently, the previous week functioned as a stage of strengthening for the NASDAQ following the reputable profits in a short period, essentially devoid of a straight catalyst. Thus, the establishment for an extension higher has been positioned while the tech-heavy index might engage, support below to play as a springboard in case the risk appetite ignites the coming week.

Nasdaq 100 Price Chart

nasdaq 100

With that being said, initial support might exist near 11,800 levels that are intently below the closing price on Friday. The previous week we summarized the NASDAQ 100’s handle formation and a potential cup, which might still be in place, though has undeniably been muddied slightly. Irrespective, the support question still remains. Will 11,800 acts as a helpful Launchpad, or will it strengthen further down to level 11,600 that is needed?

Whichever way, it’s clear that the medium-term outlook is slanting to the upper side, which might result in Nasdaq encountering resistance if it continues to move higher in the coming weeks.  The first barrier probably resides around 12,045 that acted as both the support and resistance in the previous week, trailed by a consequent resistance near the 12,200 level. If the 12,200 breaks, bulls might plan to resume with the rally, probably putting their prospects as an enduring high of 12,465 as Australian Dollar Eyes China 3rd Quarter GDP Data, Earnings Surging Coronavirus Cases.

That aside, Dow Jones is assigning a similar ascending trendline that has been the norm since Jun. Formerly acting as support, the group has resumed performing a more resistive duty assisting to maintain the Dow controlled in the previous week. In the coming week, it might plan to do it once more, efficiently established amid the recent trading price as well as the September peak of 29,200.

Dow Jones Price Chart

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