NAS100 Declines as It Is Overbought at Level 13084

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Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has continued its upward move above the 12000 resistance level as it is overbought at level 13084. Today, NAS100 has reached the high of level 13084 as it approaches the overbought region of the market. On the upside, if the bulls break the current resistance, the market will rally to the high of level 13422. Nonetheless, the index is likely to decline if the bulls fail to break the resistance at 13084. The market will decline to level 12300.

NAS100 Declines as It Is Overbought at Level 13084
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 64 of Relative Strength Index for period 14. NAS100 is in the bullish trend zone and may further rise. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend. The index price bars are above the moving average lines indicating a further upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in an upward move. The uptrend is stuck at level 13084. The index price is now fluctuating below the resistance level. The index is likely to decline because the market has reached the overbought region.

NAS100 Declines as It Is Overbought at Level 13084
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 80% range of the daily stochastic. NAS100 has reached the overbought region of the market. Sellers will emerge in the overbought region to push prices down. The 21-day line and 50-day line SMAs are sloping upward.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is trading in the bullish trend zone as it is overbought at level 13084. The uptrend has reached bullish exhaustion. The index is likely to decline.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.