NAS100 Hovers above 11600 as Bears Threaten to Resume Selling Pressure

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 bears threaten to resume selling pressure. The index made an upward correction which was repelled at the 21-day line moving averages. NAS100 fell to the previous low. Meanwhile, on April 26 downtrend, a retraced candle body tested the78.6% Fibonacci retracement level. The retracement indicates that NAS 100 will fall to level1.272 Fibonacci extension or level 11940.46. From the price action, the index has retested the Fibonacci extension and resumed consolidation above it

Daily Chart Indicators Reading:
The index is at level 39 of the Relative Strength for period 14. It is trading in the downtrend zone and capable of further decline.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 as it fell to the low of 11570 and made upward correction. The current support at level 11570 has been retested twice but the bears could not break below it.

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

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as bears threaten to resume selling pressure. The index is likely to fall to the previous low as sellers emerge in the overbought region.


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