Daily Analysis NAS100 (12 Jan 2023)

Today, the last Consumer Price Index (CPI) of the US report for the year 2022 will be published an hour later, and it is expected to indicate that prices increased by 6.5% compared to the same period in the previous year in December. Futures for the US indices were stable, and European stocks increased as investors prepare for a report that is expected to show that inflation in the US is decreasing. This could lead to less pressure on the Federal Reserve to raise interest rates drastically.

Technically, The Nasdaq100 Technology Index successfully stayed above (21-EMA) yesterday, and currently, it’s just above the (11.360) 50-DMA level. Nasdaq100 increased consistency in its upward movement with consecutive positive daily bars. The resistance level is followed by 11.520 (100-DMA). On the downside, there is a 10.800 level that acts as a support many times. 10.670 region is seen as strong support. From here, it has turned its direction upwards 3 times.

Support: 10.800 – 10.670 – 10.420

Resistance: 11.520 – 11.770 – 12.010