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NASDAQ 100: upward trend still intact – UBS column

Review: The Nasdaq 100 has been in a clear upward trend for years. Downward corrections largely ended in the area of ​​the green rising trend line in the weekly chart, but no later than the 200 EMA; most recently with the low of March 23 at 6,771 points. Since then, the index has been on a steep upward trend. The upper limit of the old rising trend channel, which had existed for over six years, was broken through in June. In the short term, downward corrections in the past few months always ended a little below the 10-EMA in the daily chart. The index is currently in a resistance zone in the area of ​​12,600 points. Will there be a breakthrough to the top here?

Outlook: The uptrend is clearly intact in the Nasdaq 100, the 50s and 200s EMA are far down on the daily chart, which is also a signal for the current strength of the Nasdaq 100. But also a sign of overheating.

The long scenarios: The Nasdaq 100 can maintain the upward momentum of the previous days and exceed the high of 12,651 points from December 8th. Then the way up would be free for the cops. The next starting point would then be in the range of 12,700 points. This would then be followed by the round mark of 13,000 points. As long as the index is trading above the 50 EMA, prices can be expected to continue rising directly.

The short scenarios: The index turns down again at the resistance by 12,650 points and sets course for the support at 12,220 points. Below that, the round mark of 12,000 points would be targeted by the bears. Here the 50 EMA runs just a little lower in the daily chart, which could put a stop to the bears.

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With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
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