Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500
NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is is making an upward correction but may face rejection at level 14095. The upward correction has reached the high of level 14079. However, in previous price action, the index has been repelled at the recent high. That is, NAS 100 was repelled at level 15200 resistance zone. Meanwhile, on January 24 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS100 will fall to level 1.618 Fibonacci extension or 11890.40.
Daily Chart Indicators Reading:
The index is at level 45 of the Relative Strength Index for period 14. NAS100 is still in the downtrend zone and below the centerline 50. The index is likely to fall despite the upward correction. The 50-day SMA and the 21-day SMA are sloping southward indicating the downtrend.
NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in an upward move. The bulls have broken above the moving averages. However, the uptrend has reached the overbought region. The current uptrend may face rejection at the recent high. Meanwhile, on February 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that NAS100 will rise but reverse level 1.272 Fibonacci extension or 14095.36.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The current uptrend may face rejection at the recent high. Sellers are likely to emerge. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
General Outlook for NASDAQ 100 (NAS100)
On the daily chart, NAS100 is trading below the moving average as it may face rejection at level 14095. The current upward correction may face rejection at the recent high. If it does, the downtrend will resume.
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