Nasdaq 100 hits one-week highs boosted by Palo Alto Networks and Nvidia Corporation

  • The Nasdaq 100 rebounds 1.50%, reaching highs not seen since October 1.
  • Palo Alto Networks (PANW) soars 5.00% on the day, hitting five-week highs.
  • Nvidia Corporation (NVDA) shares rise 4.03% daily, hitting near three-month highs.

The Nasdaq 100 set a day’s low at 19,755, where it attracted aggressive buyers that took the technology-based index to a one-week high of 20,089. Currently, the Nasdaq 100 is trading above 20,095, gaining 1.50% today.

Palo Alto Networks and Nvidia Corporation lead the winning companies on the Nasdaq 100

The leading high-performance computing company, Nvidia Corporation (NVDA), presents a gain of 4.03% in its share price, reaching levels not seen since July 11, trading at $132.92 at market close.

On the other hand, the firm specialized in cybersecurity, Palo Alto Networks (PANW), rises 5.00% daily, reaching highs of September 3 at $357.00, at the end of the day.

The Nasdaq 100 has established a sideways range between 19,968 and 19,644, heading towards the upper end and pointing to the continuation of the uptrend in the short term.

Technical levels on the Nasdaq 100

The Nasdaq 100 established short-term support at 19,635, given by the October 2 low. We see the next key support zone at 19,450, the low of September 16 that converges with the 50% Fibonacci retracement.

To the upside, the nearest resistance is at 20,313, the September 26 pivot point. The next key resistance is at 20,688, the all-time high established on July 10.

Nasdaq 100 4-hour chart

Source: Fx Street

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