Nasdaq 100 Grinds Critical Support

Technical analysis of Forex market

The Nasdaq 100 falters as the Fed puts price stability as its number one priority. A drop below 13000 has prompted buyers to bail out, exacerbating the selling pressure. The index is hovering above 12000 at the base of a bullish breakout in late July. This is a critical zone to hold the fading optimism together. A bearish breakout would show a lack of commitment from the buy side and turn the previous rally into a dead cat bounce. An oversold RSI attracted some buying interest in the demand zone and 12500 is a fresh resistance.

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