NAS100 Faces Rejection at 11668 as Sellers Target 10323 Low

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 sellers target level 10323 low. The index has fallen to the low of 10694. The market will further decline to the previous low. On the September 30 downtrend, NAS 100 made an upward correction and a candle body tested the 78.6% Fibonacci retracement level. The correction indicates that NAS100 will fall but reverse at level 1.272 Fibonacci extension or level 10323.

Daily Chart Indicators Reading:
NAS100 is in a downtrend at level 38 of the Relative Strength Index for period 14. The index is capable of a further decline in the downtrend zone. NAS100 may decline as the price bars are below the moving average lines.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downtrend as it breaks below the moving average lines. Buyers broke above the 21-day line moving average line but were stuck at the 50-day line SMA. Later, the bears broke below the 21-day line SMA to resume the downtrend.

4 Indicators Reading
NAS100 is in a bearish momentum below the 80% range of the daily stochastic. The selling pressure may continue as price breaks below the moving average lines. The moving average lines are sloping downward indicating the downtrend

General Outlook for NASDAQ 100 (NAS100)
NAS100 reaches bearish exhaustion as sellers target level 10323 low. The index is approaching the 1.272 Fibonacci extensions or level 10323. 41.


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