NAS100 Hovers above Level 11500 as It Reaches Oversold Region

Updated:

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 it reaches oversold region. Since May 27, the index has been fluctuating between the moving average lines. The selling pressure resumes as price breaks below the moving averages. NAS100 has fallen above 11500 support. The index may hold above the current support as it reaches the oversold region of the market. Meanwhile, on a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates NAS100 will fall to level 1.272 Fibonacci extension or level 11929.26.

NAS100 Hovers above Level 11500 as It Reaches Oversold Region
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 36 of the Relative Strength for period 14. It is trading in the downtrend zone and approaches the oversold region of the market. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The index price bars are below the moving averages indicating a further decline.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downward move. Buyers could not sustain the price above level 12800. The index was repelled and it fell below the moving averages. The current decline has reached the oversold region of the market.

NAS100 Hovers above Level 11500 as It Reaches Oversold Region
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is below the 20% range of the daily stochastic. The market has fallen to an oversold region. The selling pressure has reached bearish exhaustion. In due time, buyers will emerge in the oversold region.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is at the bottom of the chart as it reaches oversold region. It has reached the oversold region of the market. Presently, the index is hovering above the 11500 support. The market will resume upward if the current support holds.

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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.