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US 100 Attempts to Bounce Back

The Nasdaq 100 recovers as recession worries may temper the Fed’s eagerness to raise rates later this year. The index is hovering above November 2020’s lows at 11050. Profit-taking and fresh buying have stabilised the price action for now. 11950 is the next resistance and its breach could open the door for a rally towards 12500 where selling pressure could be expected. Sentiment would remain bearish in the medium-term unless the bulls succeed in lifting that hurdle. 11300 is the immediate support if the index struggles.

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