The Nasdaq-100 is testing an important technical level as rising crude oil prices add pressure to U.S. technology stocks. The index is currently hovering around its 50-day moving average near 29,410, making this an important area for traders to watch.
A sustained move below this level could signal increasing selling pressure, with the 29,150 area becoming the next potential downside target. If sellers remain in control, the index could eventually revisit the 28,772–28,402 zone.
On the other hand, holding above the 50-day average could encourage buyers to step back in, although resistance remains around 29,610–29,810.
The broader market is also dealing with higher oil prices and rising Treasury yields, creating an increasingly challenging environment for technology stocks.
Source: FXEmpire
Disclaimer
Educational example only. Signals are not financial advice; trade at your own risk.