NAS100 Rebounds above Level 13700 but Faces Rejection at 14570

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is making an upward move after falling to level 13700 but faces rejection at 14570. The index fell to the oversold region of the market. NASDAQ 100 is rising as the index rebounds above the current support. As the market resumes upward, it may face resistance at level 14572. The uptrend on January 26, was repelled at the recent high. The bullish momentum will continue to the upside if the current resistance is breached. Meanwhile, on January 10 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that NAS100 will fall to level 2.0 Fibonacci extension or 13670.02. The downtrend has reversed after testing the 2.0 Fibonacci extension.

Daily Chart Indicators Reading:
The index is at level 35 of the Relative Strength for period 14. NAS100 is still in the downtrend zone despite the recent upward move. It is capable of falling as it is below the centerline 50. The 50-day SMA and the 21-day SMA are sloping southward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. On January 24, the index fell above level 13860 and resumed a sideways move. Meanwhile, on January 10 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will fall to level 2.0 Fibonacci extension or level 13644.02.

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed upward move but faces rejection at 14570. The upward move is facing resistance at the high of 14572. The uptrend will resume if the current resistance is breached.


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