NAS100 Is in Downtrend as It Revisits Level 10800

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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 revisits level 10800. In the previous price action, buyers pushed the index above the 21-day line SMA but were unable to keep the price above the 50-day line SMA. Hence, the current decline. The bears will attempt to revisit the previous low at level 10431. On October 3 downtrend, NAS100 made an upward correction, a candle body tested the 78.6% Fibonacci retracement level. The correction indicates that NAS100 will fall but reverse at level 1.272 Fibonacci extension or level 10297.96.

NAS100 Is in Downtrend as It Revisits Level 10800
NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 42 of the Relative Strength Index for period 14. It indicates that the index is in the downtrend zone and capable of a decline. The index price is below the moving average lines which indicates further decline. The downtrend is indicated by the downward-sloping 21-day and 50-day SMA lines.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downtrend as it breaks below the moving average lines. The bulls retested the resistance at level 11600 thrice before declining. NAS100 has fallen to the oversold region. The selling pressure is likely to subside.

NAS100 Is in Downtrend as It Revisits Level 10800
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is in a bearish momentum below the 20% range of the daily stochastic. The moving average lines are sloping horizontally indicating the sideways move.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached bearish momentum as it revisits level 10800. Since September 30, the index has been holding above level 10800.

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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.