NAS100 (NAS100) Reaches the Overbought Region, Targets Level 14460

NAS100 (NAS100) Reaches the Overbought Region, Targets Level 14460

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 and it is approaching level 14000. Buyers are yet to break above level 14000. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.272 Fibonacci extension and reverse. That is the high of level 14460.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has risen to level 64 of the RSI period 14. It implies that the index is in the uptrend zone and it is approaching the overbought region of the market. The index has no enough room to rally on the upside. The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. Meanwhile, on June 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level 1.618 Fibonacci extension or level 14102.92.

NAS100 – 4 Hour Chart

1-hour Chart Indicators Reading
NASDAQ 100 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 and has reached an overbought region of the market. According to the Fibonacci tool, NAS100 is likely to rise to level 1.272 Fibonacci extension but will reverse at level 14460.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.