Technical Analysis: US100

US stocks started yesterday's session with declines. Nevertheless, the Nasdaq index (US100) bounced off the key support zone at 11,550 points. The activity of buyers in this area may indicate the completion of the simple ABC correction and the return of the bulls. If buyers will manage to break above the local downward channel marked in red, the upward movement may become stronger. In such a scenario, an upward impulse towards 12,000 pts could be launched. However, if the aforementioned level 11,550 pts will be negated, the declines could deepen.

US100 interval H4. Source: xStation5

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