NAS100 (NAS100) Is in a Range Bound Move, Lacks Buyers at Higher Price Levels

8 June 2021 | Updated: 8 June 2021

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 is in an upward move. Today, buyers are struggling to break above level 14000. Since February, the bulls are yet to break the resistance at level 14000. Each time, the resistance zone is tested, the market will decline to level 13000 or 12450. The index price has broken above the moving averages suggesting a possible retest at the previous high.

NAS 100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has risen to level 58 of the RSI period 14. It implies that the index is in the uptrend zone and above the centerline 50. The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move. The index price is above the moving averages which indicate a further upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move approaching the overbought region. Meanwhile, on June 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise and reverse at level 1.272 Fibonacci extension or level 13853.26.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the index is in a bullish momentum and has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in an upward move. The index is trading below the overhead resistance at level 14000. Today, the index is facing resistance at level 13800. The selling pressure will resume as the index reaches an overbought region

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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.