Markets are slightly muted during the final week of the year. Investors are still in Christmas moods and the situation is expected to continue until New Year. However, decreased liquidity creates risk of larger, more rapid moves in the markets and it creates some trading opportunities. Take a look at our top charts of the week - US100 and DE30.
US100
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Open account Try demo Download mobile app Download mobile appLet’s start today’s analysis with the US tech index - Nasdaq (US100). Looking at the H4 interval, the price finally broke above the key resistance area at 16,440 pts,confirming the upward trend. According to the classic technical analysis, as long as the price sits above it, one should expect the continuation of upward move. The nearest resistance to watch is marked with all-time high near 16,765 pts. In case a correction occurs, one should also keep in mind that the aforementioned support is strengthened by the local 1:1 geometry and may provide support for buyers again.
US100 H4 interval. Source: xStation5
Please be aware that the presented data refers to the past performance data and as such is not a reliable indicator of future performance.
DE30
Next let’s take a look at the German index - DAX (DE30), which realized the expected scenario. Looking at the D1 interval, one can see that the recent sell-off was stopped at the key mid-term support near 15,100 pts which was a result of previous price reactions and the large 1:1 structure. Following the rebound, the upward movement reached the resistance zone at 16,000 pts without any major difficulties. Future direction will depend on whether the zone will be broken or not. However, the long-term trend remains upward, so the probability of continuation seems higher.
DE30 D1 interval. Source: xStation5
Please be aware that the presented data refers to the past performance data and as such is not a reliable indicator of future performance.
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