Nasdaq 100, Dow Jones, DAX 30 Forecasts: Impartial

  • After consolidating final week, the Nasdaq 100 might look to proceed its upward climb
  • The Dow Jones remains to be wrestling with an upward channel from June
  • The DAX 30

Nasdaq 100 Technical Forecast

Outlook: Impartial

After an explosive begin final week, the Nasdaq 100 accomplished the round-trip on Friday, closing simply marginally larger than Monday’s open. Consequently, final week served as a interval of consolidation for the Nasdaq after it established large positive aspects in brief order – largely devoid of a direct catalyst. Due to this fact, the muse for a continuation larger has been laid and the tech-heavy index could look to make use of assist under as a springboard if danger urge for food reignites subsequent week.

Nasdaq 100 Value Chart: 4 – Hour Time Body (September 2020 – October 2020)

Nasdaq 100 Price Chart

To that finish, preliminary assist could reside across the 11,800 stage which is narrowly beneath Friday’s closing value. Final week we outlined a possible cup and deal with formation on the Nasdaq which can nonetheless be in play, however has undoubtedly been muddied considerably. Regardless, the identical query of assist stays. Will 11,800 function a prepared launchpad, or will additional consolidation all the way down to the 11,600 stage be required?

Both means, I consider the medium-term outlook is tilted to the topside which can see the Nasdaq encounter resistance ought to it proceed larger within the weeks forward. An preliminary barrier seemingly resides round 12,045 which served as each resistance and assist final week, adopted by subsequent resistance across the 12,200 stage. Ought to 12,200 break, bulls could look to proceed the rally, probably setting their sights on the all-time excessive of 12,465.

Dow JonesTechnical Forecast

Outlook: Impartial

Elsewhere, the Dow Jones is negotiating the identical ascending trendline it has been since June. Beforehand serving as assist, the band has since assumed a extra resistive function serving to to maintain the Dow contained final week. Within the week forward, it might look to take action once more, successfully standing between the present buying and selling value and the September peak of 29,200.

Dow Jones Value Chart: 4 – Hour Time Body (September 2020 – October 2020)

Dow jones chart

However, the Dow could search for assist across the 26,185 mark ought to bearishness proceed subsequent week. 28,570 could provide some affect on an intraday foundation, however Friday’s decline undermined its advantage to a point. Suffice it to say, the Nasdaq 100 and Dow Jones appear susceptible to additional consolidation within the shorter-term that will solely assist information them larger over the longer-term. Consequently, supportive areas could function potential entry factors for bullish publicity.

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Really helpful by Peter Hanks

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DAX 30 Technical Forecast

Outlook: Bearish

Throughout the Atlantic, the DAX 30 appears to enter the week perched narrowly beneath resistance round 12,295.

Dax 30 chart

–Written by Peter Hanks, Strategist for DailyFX.com