Most indices continue to make gains, but the Nasdaq 100 is still cooling off after its surge to 20,000.
The index continues its strong performance, hitting its highest monthly level on Monday.The 40,000 highs from April and May now loom large, and a close above these will take the price to new record highs. The price established a higher low at the end of May, maintaining the bullish view.This index continues to edge lower after its early June surge ran out of steam with the move to 20,000.
The price surged overnight on Tuesday, building on Monday’s gains.The first test will be the 39,400, the highs from mid-May, which stalled the last move higher. A close above 39,400 will also put the price above the early June highs. Further gains then target the 40,000 level, followed up by a move towards the March highs.
A reversal back below 38,500 cancels out this view and raises the prospect of another test of support around 38,000.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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