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NAS 100 Tests Major Resistance

The Nasdaq 100 rallies supported by growing risk appetite. A rally above 12900 has put the index back on track after short-term selling interests cut their losses. Last May’s high at 13550 is a key resistance ahead. Its breach could turn bearish sentiment around in the medium-term and lay the foundation for a sustained recovery. The RSI’s overbought condition may temporarily limit the upside range. The former supply zone (12900) has become a fresh support where the bulls may look to accumulate in case of a pullback.

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