NAS100 Is In A Downtrend As It Is Unable To Sustain Above 12100

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 is unable to sustain above 12100. The index price is making a series of lower highs and lower lows. On June 16, NAS100 made a lower low of 11030 and a lower high of 12112. Presently, the index is facing rejection at a lower high. The downtrend will resume if price breaks below the previous lower low.

Daily Chart Indicators Reading:
The index is at level 43 of the Relative Strength for period 14. It is trading in the downtrend zone and capable of further decline. The moving averages are sloping downward indicating the downtrend. The index price bars are below the 21-day line SMA and the 50-day line SMA which indicates a further decline

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 1-hour chart, the NAS100 is in a sideways move. The index is fluctuating between 11380 and 11600 price levels. The price action is characterized by small body indecisive candlesticks called Doji. These candlesticks are indicating that buyers and sellers are undecided about the next move.

1-hour Chart Indicators Reading
NAS100 is above the 40% range of the daily stochastic. The 21-day line and 50-day line SMAs are sloping upward. The index is resuming an upward move but the uptrend is facing resistance at level 11600.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as it is unable to sustain above 12100. The index upward move is facing rejection at level 11600.

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