NAS100 Reaches the Oversold Region as It Holds Above Level 12031

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is still in a downtrend as it holds above level 12031. Today, the index has fallen to the low of level 12031.25 as it approaches the oversold region of the market. It fell to level 12031.25 which was the resistance level of June 24 and July 8. The bulls failed to break the resistance level of June 24 and July 8. Later,buyers broke the resistance level and resumed the uptrend. The uptrend has been terminated as the index declines.

NAS100 Reaches the Oversold Region as It Holds Above Level 12031
NAS100 – Daily Chart



Daily Chart Indicators Reading:
The index is at level 42 of Relative Strength for period 14. It indicates that the market is in the downtrend zone and may further decline. NAS100 price bars are below the moving average lines indicating 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 a weekly chart, the NAS100 is in a downtrend. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 will fall but reverse at level 1.272 Fibonacci extension or level 10478.70.

NAS100 Reaches the Oversold Region as It Holds Above Level 12031
NAS100- Weekly Chart

Weekly Chart Indicators Reading
NAS100 is below the 40% range of the daily stochastic. The index is in a bearish momentum. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.


General Outlook for NASDAQ 100 (NAS100)
NAS100 has fallen to level 12031.25 as it holds above level 12031. The selling pressure will resume if price breaks below the current support. In the same vein, the uptrend will résumé if the current support holds.


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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.