– Nasdaq-100 reversed from support zone

– Likely to rise to resistance level 29200.00

Nasdaq-100 index recently reversed from the support zone between the key support level 27000.00 (which also reversed the price in April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from April.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started active impulse wave (3).

Given the clear daily uptrend, Nasdaq-100 index can be expected to rise further to the next resistance level 29200.00.