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Hugo in HTO Trading,

NASDAQ 100: On the road to 6,436.27

Since the beginning of the year the US technological index gained more than 28.5% plus last week rallied more than 1.0% and continues in a bullish phase since early July.

Last week the index rallied with a narrow range and closed near the high of the week, in addition managed to close above the previous week high, which suggests a strong bullish momentum.

The stochastic is showing an extreme overbought market and is displaying a weak bullish momentum.

Expecting an upward move to a Fibonacci extension at 6, 436.2 on a break above the previous week high at 6,296.5 (scenario 1) but a bounce from the Fibonacci extension at 6,436.2 may set in motion some profit taking down to a Fibonacci extension at 6,174.8  (scenario 2) a previous weekly resistance now turned into a weekly support.