Nasdaq 100: Consolidation phase to emerge with resistance seen at 10095 – Credit Suisse

Nasdaq 100 strength has extended as closed yesterday gaining 169.84 points and the index is set to test the resistance seen at 10095, which is expected to cap, according to analysts at Credit Suisse.

Key quotes

“Nasdaq has pushed higher again after holding support from its rising 21-day exponential average, currently seen at 9605 and strength has extended as expected to test the price gap from last week, seen starting at 9978 and stretching up to 10095, which we look to try and cap for the unfolding of a broader sideways range.”

“Above 10095 would suggest strength can extend to retest the high and long-term trend resistance from February 2011 at 10155/85, with fresh sellers expected here. A break can see resistance next at 10200/20, with the top of the weekly Bollinger band now at 10392.”

“Support is seen initially at 9879, then the small price gap from yesterday morning at 9809/9777. Beneath here can ease the immediate upside bias for a retest of the 21-day average at 9605.”