Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500
NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is trading below the moving averages but risks further decline below 15500. Since January 4, the index has been in a downward move. NAS100 fell to the low of level 15000 but pulled back to level 15300. Presently, the altcoin has fallen and it is retesting the previous support of level 15504. The index will further decline if it loses the current support at level 15500. The market will decline to the low of level 14356.
Daily Chart Indicators Reading:
The index is at level 42 of the Relative Strength for period 14. NAS100 is in the downtrend zone and below the centerline 50. The price bars are below the 50-day SMA and the 21-day SMA indicating a downward move. The 50-day SMA and the 21-day SMA are sloping horizontally indicating a sideways trend.
NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. On January 14, the index fell to the low of level 15246 and pulled back. Meanwhile, on January 17 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.618 Fibonacci extension or level 15770.76.
4-hour Chart Indicators Reading
The index is above the 30% range of the daily stochastic. It is in a bullish momentum. The index price is below the moving averages which makes NAS100 prone to fall. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
General Outlook for NASDAQ 100 (NAS100)
NAS100 is still below the moving averages but risks further decline below 15500. It is in the bearish trend zone and capable of a further downward move. An upward move is likely because the index has reached the oversold region of the market.
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