NAS100 Plunges Downward as It May Extend Its Decline to Level 10283

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100’s price has fallen below the moving average lines as it may extend its decline to level 10283. The index rose to a high of level 12256 on December 13 but was rejected at the most recent high. As the selling pressure picks up again today, the price has fallen below the moving average lines. NAS100 corrected upward during the downward trend on December 7 and a candle body tested the 38.2% Fibonacci retracement line. According to the adjustment, NAS100 will drop to level 2.618 of the Fibonacci sequence, or level 10283.11.

Daily Chart Indicators Reading:
The NAS100 is at level 40 on the Relative Strength Index for period 14. The recent slump has brought the NAS100 into the negative trend zone. It is expected that the index will continue to fall. Further fall is indicated by the price bars’ position below the moving average lines. The horizontal slope of the 21-day and 50-day SMA lines suggests a sideways movement.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
The 4-hour chart shows a drop in the NAS100. The index surged to a high of level 12201 on December 13. As the index price approached the overbought area of the market, it was repelled. The latest fall has reached level 11213.10 as its low point. The oversold area of the market indicates that the decline may be slowing.

4-hour Chart Indicators Reading
The NAS100 is trending downward as it is below level 20 of the daily Stochastic. Bearish weariness has been achieved with the selling pressure. Both the 21-day and the 50-day SMA lines slope downward, indicating a downtrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 is in a slump as it may extend its decline to level 10283. According to the Fibonacci extension, the market will further decrease to the bottom of level 10283.11.

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