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“Will $20,450 Support Hold? Nasdaq 100 Technical Analysis”

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Technical Picture:

⬆ The price is in a correction of the upward trend.
⬆ Rejection again from the inclined resistance line.
⬆ Followed by a reaction from the support at $20,430.
⬆ RSI is moving towards overbought.
⬆ 65 SMA and 200 SMA have turned into support levels.
⬇ The price is currently reacting from the 0.0 Fibonacci level.

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Conclusion:
The price has reacted from the latest support at $20,450 and I expect it to continue bullish toward the next target around the $21,305 levels.

Alternative Scenario:
We can watch for a breakout of the 0.0 Fibonacci level and then expect a correction to levels around $20,450.

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