NAS100 Reaches the Oversold Region as It May Reverse at Level 11744.56

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 it may reverse at level 11744.56. The index is now trading between the 21-day line SMA and the 50-day line SMA. The selling pressure will resume if price breaks below the 21-day line SMA.

NAS100 Reaches the Oversold Region as It May Reverse at Level 11744.56
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 49 of Relative Strength for period 14. It indicates that there is a balance between supply and demand. The index price bars are between the 21-day line SMA and the 50-day line SMA which indicates a range-bound movement of the cryptocurrency. The moving averages are sloping downward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is in a downward move but has reached bearish exhaustion. The index may resume of an upward move. Meanwhile, on July 11, a retraced candle body tested the the78.6% Fibonacci retracement level. The retracement suggests that NAS 100 will fall to level 1.272 Fibonacci extension or level 11744.56. From the price action, there are bullish candlesticks indicating a possible reversal or resumption of an upward move.

NAS100 Reaches the Oversold Region as It May Reverse at Level 11744.56
NAS100- 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is below the 20% range of the daily stochastic. The index has reached the oversold region of the market. Buyers will emerge in the oversold region of the market. The 21-day line and 50-day line SMAs are sloping upward.


General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downtrend as it may reverse at level 11744.56. The current downtrend has reached a possible reversal. The oversold region will attract more buyers as NAS100 resumes 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.