The Nasdaq 100 is stabilizing after breaking its descending channel and retaking the 50-DMA, but momentum is capped near the 25,890 gap, Société Générale’s FX analysts note.
Index builds base after reclaiming 50-DMA
“Nasdaq 100 recently broke above the upper band of a steep descending channel and reclaimed the 50-DMA. The advance has stalled near previous down gap at 25890pts. The index appears to be forming a small base.”
“The 50-DMA, currently around 25200pts, is a short-term support and defending this is crucial for continuation in the uptrend. A breakout above 25890pts could pave the way for extension in up move towards October highs near 26180pts, followed by projections around 26600pts.”
Source: https://www.fxstreet.com/news/nasdaq-100-tests-key-resistance-at-25-890-societe-generale-202512120954
