NAS100 Is in a Sideways Move but Fluctuates below Level 12940

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 fluctuates below level 12940. Since May 27, the index has been fluctuating between the moving averages. NAS100 will resume an uptrend if the price breaks above the 50-day line SMA. On the other hand, the selling pressure will resume, if price breaks below the 21-day line SMA. NAS100 will continue its range-bound move between the moving averages lines where the moving averages lines remain unbroken.

Daily Chart Indicators Reading:
The index is at level 52 of the Relative Strength for period 14. It is trading in the uptrend zone and may further rise. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in an uptrend as price breaks above the moving averages. The index is making an upward move but has been repelled at the overbought region. The index is fluctuating below 12900 overhead resistances. The index is likely to decline as the market reaches an overbought region of the market.

4-hour Chart Indicators Reading
NAS100 is above the 70% range of the daily stochastic. The market has resumed bullish momentum. The index is approaching the overbought region of the market. The moving averages are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in an uptrend as it fluctuates below level 12940. Generally, the index is a range-bound move between the moving averages.

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