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.
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.
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.
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