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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 it hovers above level 10968 .Today, the index turns down from the 21-day line SMA and resume selling pressure. Buyers fail to keep the price above the moving average line, hence a fresh decline. On October 3, NAS100 declined to level 10968 and pulled back. The index is currently declining to either retest or break the existing support. The historical price point of June 16 serves as the present support. On the October 3 downtrend, NAS 100 made an upward correction and a candle body tested the 78.6% Fibonacci retracement level. The correction indicates that NAS 100 will fall but reverse at level 1.272 Fibonacci extension or level 10323.
Daily Chart Indicators Reading:
NAS100 is approaching the oversold region as it is at level 35 of the Relative Strength Index for period 14. The index price bars are below the moving average lines which make the index prone to decline. It is pointing southward as per the sloping moving average lines.
NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 has fallen significantly as it reaches level 10888. The current support has been holding since June 16. On October 3, sellers retested the current support and rebounded. NAS 100 broke above the moving average lines but reverted to the current support.
4 Indicators Reading
NAS100 has reached the oversold region below the 20% range of the daily stochastic. It implies that selling pressure has reached bearish exhaustion. The moving average lines slope downward indicating a downtrend.
General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached bearish exhaustion. The market has fallen to the oversold region. We expect buyers to emerge in the oversold region to push prices upward.
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