NAS100 Declines as It Is Unable to Sustain Above Level 12400

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downtrend as buyers fail to sustain above level 12400. The index price has been making a series of lower highs and lower lows. The downtrend has reached an oversold region of the market. The selling pressure is likely to subside as the market reaches the oversold region. Today, NAS100 is falling as bulls fail to sustain the bullish momentum above level 12400 high. NAS100 is likely to further decline to the low of level 11100.

NAS100 Declines as It Is Unable to Sustain Above Level 12400
NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 38 of the Relative Strength for period 14. The market is in the bearish trend zone and it is approaching the oversold region. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The 21-day line SMA is acting as a resistance level.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downtrend and the index has fallen significantly to the downside. The upward correction is facing rejection at level 12350. Meanwhile, on May 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 will fall but reverse to level 1.272 Fibonacci extension or level 11607.10.

NAS100 Declines as It Is Unable to Sustain Above Level 12400
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The index has reached the overbought region of the market. Sellers will emerge to push prices down. The selling pressure is likely to subside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as buyers fail to sustain above level 12400.. The selling pressure is likely to continue as the upward correction faces rejection at the recent high.


You can purchase crypto coins here: Buy LBlock


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.