NAS100 Is in a Decline to Level 11463.50 as It Faces Further Rejection

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
The NAS100 is currently trading in a bearish trend zone as it faces further rejection. The index is currently declining after reaching resistance at the most recent high. Level 10800 will be the lowest point of the decline. The index is currently bouncing back and forth between the moving average lines, but it did so on December 12. The level 12000 resistance has stopped the price’s upward movement. The 21-day line SMA is being breached once again by the NAS100. If the price declines below the 50-day SMA, the downtrend will resume.

NAS100 Is in a Decline to Level 11463.50 as It Faces Further Rejection
NAS100- Daily Chart

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the NAS100 is at level 52. It implies that the index is still in the bullish trend zone despite the retracement. Because the price bars are between the moving average lines, the trend will remain horizontal. The 21-day and 50-day SMA lines are sloping sideways indicating the trend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
The NAS100 is in a bearish momentum on the 4-hour chart. The moving average lines are about to be broken by the bearish momentum. The NAS100 produced an upward corrective during the downturn on December 13 and a retraced candle body tested the 61.8% Fibonacci retracement level. According to the adjustment, NAS100 will drop to level 1.618 of the Fibonacci sequence, or level 11463.50.

NAS100 Is in a Decline to Level 11463.50 as It Faces Further Rejection
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The NAS100 is moving in a negative direction below the daily Stochastic level of 40. The sideways-sloping 50-day line SMA and the 21-day line SMA both show a trend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 is moving downward as it faces further rejection. The downward momentum will continue as it reaches the level 11463.50 low. The NASDAQ will trend if the 50-day line SMA is violated.


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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.