NAS100 May Resume a Downtrend as It Declines From Level 13720 High

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 rallied to an overbought region of the market but declines from level 13720 high. The index is facing rejection at level 13720. The bears have broken below the 21-day line SMA and the index price is approaching the 50-day line SMA. On the downside, if the bears break below the 50-day line SMA, the selling pressure will be accelerated. NAS100 will decline to the low of level 10570.

NAS100 May Resume a Downtrend as It Declines From Level 13720 High
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 49 of Relative Strength for period 14. It indicates that there is a balance between supply and demand. The index price bars are between the 21-day line SMA and the 50-day line SMA which indicate a possible range-bound move. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the previous trend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the weekly chart, the NAS100 is in a downtrend as it faces rejection from the recent high. Also, a retraced candle body tested the 78.6% Fibonacci retracement level on May 23. The retracement suggests that NAS 100 will fall to level 1.272 Fibonacci extension or level 10570.

NAS100 May Resume a Downtrend as It Declines From Level 13720 High
NAS100 – Weekly Chart

Weekly Chart Indicators Reading
NAS100 is below the 80% range of the daily stochastic. The index is in a bearish momentum. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed selling pressure as it declines from level 13720 high. The index will decline and revisit the previous low at level 11036.


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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.