NAS100 Loses Level 12660 Support as It Targets 11652 Low

Estimated Reading Time: 3 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 targets 11652 low. Following the failure of the bulls to break above the moving averages, the bears have breached below the current support. The current support has not been broken since January. However, because of the recent retracement, the selling pressure is likely to resume. Meanwhile, on April 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS 100 will fall to level 1.618 Fibonacci extension or level 11652.32. From the price action, the index has fallen to a level of 12369.63.

NAS100 Loses Level 12660 Support as It Targets 11652 Low — NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 35 of the Relative Strength for period 14. The index is in the downtrend zone and it is approaching the oversold region. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The 21-day SMA crosses below the 50-day line SMA indicating a sell order.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downtrend. The index fell to the low of level 12660 and resumed a sideways move. On May 6, the bears broke below the current support to resume selling pressure. Meanwhile, on April 25 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.618 Fibonacci extension or level 12416.45.

4-hour Chart Indicators Reading
NAS100 has fallen below the 20% range of the daily stochastic. The index has reached the oversold region of the market. The selling pressure is likely to subside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as it targets 11652 low. The selling pressure is likely to subside as the market reaches the oversold region. However, because of the recent retracement, the index may further decline.

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