NAS100 Reaches an Oversold Region as It Finds Support above 10928

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 has fallen significantly to the downside as it finds support above 10928. The index falls to the low of 11164 and pullback. The downtrend is reaching bearish exhaustion as the market approaches the oversold region. Meanwhile, on the August 30 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 2.00 Fibonacci extension or level 10928.74.

NAS100 Reaches an Oversold Region as It Finds Support above 10928
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 31 of the Relative Strength Index for period 14. It indicates that NAS100 is in the downtrend zone and has reached the oversold region. NAS100 price bars are below the moving average lines indicating a further decline. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 declines to the low of level 11085. The index made an upward correction and broke above the moving average lines. However, the upward correction was stuck at the 50-day line SMA. NAS100 dropped sharply to the current support. Meanwhile, on the September 25 downtrend, a retraced candle body tested the 76.8% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.272 Fibonacci extension or level 10937.30.

NAS100 Reaches an Oversold Region as It Finds Support above 10928
NAS100 – 4 Hour Chart

4 Indicators Reading
NAS100 is below the 50% range of the daily stochastic as it finds support above 10928. The index is in a bearish momentum. The moving average lines are sloping downward indicating the downtrend. The price bars are below the moving average lines indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached the oversold region of the market as it finds support above 10928. According to the Fibonacci tool analysis, the market will reach the low of level 10928.

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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.