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NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is recovering from its downtrend as it targets 14157 high. Today, the index has reached the high of level 13685. NAS100 is likely to resume upward as it broke the resistance levels of 12940 and 135415. From the price action, the index is capable of reaching the high of level 14800.
Daily Chart Indicators Reading:
The index is at level 69 of Relative Strength for period 14. The index is approaching level 70 which is the overbought region of the market. It implies that the trend is reaching bullish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend. Sellers will emerge in the overbought region to push prices down.
NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in a smooth uptrend. Meanwhile, on August 11 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that NAS100 will rise to level 2.0 Fibonacci extension or level 14157.40.
4-hour Chart Indicators Reading
NAS100 is below the 80% range of the daily stochastic. The index has reached the overbought region of the market. The index is fluctuating below and above the 80% range. The 21-day line and 50-day line SMAs are sloping upward indicating the uptrend.
General Outlook for NASDAQ 100 (NAS100)
NAS100 is approaching the overbought region as it targets 14157 high. The price bars are making higher lows. The uptrend will resume when prices rebound above the 21-day line SMA.
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