Nasdaq 100 is expected to move to new record highs after completing a “head & shoulders” base and as such the Credit Suisse analyst team has raised the core target from 14000/10 to 14380.
Nasdaq 100 has completed a base as expected for a resumption of the core uptrend
“Nasdaq 100 has broken above key resistance at 13315 to mark the completion of a ‘head & shoulders’ base as looked for. This should confirm the consolidation phase is over and we look for a resumption of the core uptrend for a move back to the 13880 high and eventually our long-held 14000/10 target. However, whilst we would look for this latter area to cap at first, we now look for a break above here also in due course for a move to our new raised target at 14380, the ‘measured objective’ from the ‘head & shoulders’ base.”
“Support moves to 13335/00 initially, with 13080 now ideally holding to maintain the base.”