NAS100 Rebounds above Level 12390 as It Resumes an Uptrend

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 resumes an uptrend. NASDAQ is trading between the moving average lines. The downtrend will resume if price breaks below the 50-day line SMA. In the meantime, the index is holding above the 50-day line SMA. The selling pressure has subsided. On the August 23 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS 100 will fall to level 1.272 Fibonacci extension or level 12529.61. From the price action, NAS100 has retested the 1.272 Fibonacci extensions or level 12529.61 and resumed upward.

https://learn2.trade/nas100-may-resume-a-downtrend-as-it-declines-from-level-13720-high
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 41 of Relative Strength for period 14. It indicates that the market is in the downtrend zone and may further decline. NAS100 is likely to be in range bound move as it is confined between the moving average lines. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-Hour chart, the NAS100 is in a downtrend. The price breaks below the moving average lines to reach the low of level 12391.60. NASDAQ is rising as it reaches the oversold region.

NAS100 Rebounds above Level 12390 as It Resumes an Uptrend
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. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached bearish exhaustion as it resumes an uptrend. Buyers are emerging in the oversold region of the market. The index may 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.