NAS100 Overall Trend Remains Bearish Amidst Oversold State

NAS100 Analysis – March 9

NAS100 overall trend remains bearish despite being in an oversold state. The index is trading below the 9-day Simple Moving Average (SMA) at approximately $20,510, confirming short-term bearish momentum. The Relative Strength Index (RSI) is around 28, indicating oversold conditions, which suggests a potential short-term pullback before further downside movement. The RSI previously reacted near the 50-level, reinforcing the strength of the downtrend. While a minor relief rally could occur, overall sentiment remains bearish.

NAS100 Key Levels

Resistance Levels: $22,140, $23,000, $24,050
Support Levels: $19,920, $18,320, $17,250

NAS100 Long-Term Trend: Bearish

Price action indicates a clear Change of Character (CHoCH), confirming a bearish shift. The break below the key support zone around $20,510 signals strong selling pressure. The recent decline tested $19,920, a crucial support area. A bearish order block (Mitigation Block—MB) has formed around $20,550, acting as a potential resistance zone if the price retraces. Given the current market structure, any bullish move toward this area is likely to encounter renewed selling pressure.

The prevailing trend suggests a bearish continuation. If NAS100 fails to reclaim $20,550, it is expected to continue its downtrend toward the next major support at $18,320. If bearish momentum persists, the next potential target is $17,250. However, a short-term bounce into the $20,550 zone before further decline remains possible. Traders relying on forex signals may find confirmation in price action around these levels before making new entries.

NAS100 Short-Term Trend: Bullish

NAS100 is attempting to break above a descending trendline, indicating a potential bullish reversal. The 9-period Simple Moving Average (SMA) at approximately $20,120 is within reach, and a sustained move above it could confirm upside momentum.
The Relative Strength Index (RSI) is recovering from oversold levels, currently around 34, suggesting a possible shift in sentiment. A breakout above $20,550 could trigger further bullish movement toward $21,340.

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