NAS100 Faces Rejection at Level 14142 as It Risks Decline to 13021

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downward correction as it risks decline to 13021. In the first downtrend, the market declined to the low of level 13754. The index corrected upward but was repelled at the 50-day line SMA. The selling pressure is likely to continue if price breaks below the current support. NAS100 will decline and revisit the previous low at level 12909.

NAS100 Faces Rejection at Level 14142 as It Risks Decline to 13021
NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 has fallen to level 41 of the Relative Strength for period 14. The index is in the bearish trend zone as it continues to fall on a downward move. The price bars are below the moving averages which will propel the index to rise. The 50-day SMA and the 21-day SMA are sloping upward indicating the previous trend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 price is in a downtrend as it fell to the low of level 13773. The index corrected upward but was repelled twice at level 14155. The selling pressure has resumed to the downside. Meanwhile, on April 12 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 2.0 Fibonacci extension or level 13021.57.

 NAS100 Faces Rejection at Level 14142 as It Risks Decline to 13021
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index has fallen below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend. The index is falling as price breaks below the moving averages.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is likely to continue the downward move as it risks decline to 13021. The bears are attempting to break below the current support.

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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.