NAS100 Continues Bearish Run, May Decline to Level 13644

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downward move but may decline to level 13644 .The index has broken the previous low of 14356. This is an indication that the market will further decline to the downside. The selling pressure will extend to the low of 13834. However, the price indicators have shown that the market has reached the oversold region. A further downward move is doubtful.

Daily Chart Indicators Reading:
The index is at level 26 of the Relative Strength for period 14. Its index has reached the oversold region. The selling pressure is likely to reach bearish exhaustion. The price bars are below the 50-day SMA and the 21-day SMA which indicate a further downward move. The 50-day SMA and the 21-day SMA are sloping horizontally indicating a sideways trend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. Meanwhile, on January 10 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will fall to level 2.0 Fibonacci extension or level 13644.68.

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has continued a downward move but may decline to level 13644. The selling pressure is likely to continue as price breaks below the previous low. The index risks further decline to level 13600.


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