NAS100 Reaches an Oversold Region as the Index Hovers Above Level 13150

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downtrend as the index hovers above level 13150. Today, the index has fallen to the low of level 13179.75. NAS100 has fallen to the oversold region of the market. Meanwhile, on April 18 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that it will fall to level 1.272 Fibonacci extension or level 13188.75. From the price action, NASDAQ 100 has fallen below level 1.272 Fibonacci extension.

NAS100 Reaches an Oversold Region as the Index Hovers Above Level 13150
NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 has fallen to level 34 of the Relative Strength for period 14. The market is approaching the oversold region. It implies that the selling pressure is reaching bearish exhaustion. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 price is in a downtrend as it faces rejection at level 141155 resistance zone. The index resumed its downward move after several rejections at the resistance zone. Meanwhile, on April 17 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.272 Fibonacci extension or level 13188.75.

 NAS100 Reaches an Oversold Region as the Index Hovers Above Level 13150
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index has fallen below the 20% range of the daily stochastic. NAS100 has fallen to the oversold region of the market. It indicates that the downtrend has reached bearish exhaustion. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is likely to resume an uptrend as the index hovers above level 13150 . Also, buyers are emerging in the oversold region of the market. There are bullish candlesticks as the index attempts to resume upward.

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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.