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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 battles resistance at 11800. The downtrend has reached bearish exhaustion as the market resumes upward. On May 13, 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 10604.24. From the price action, the index fell to Level 11030.00 and resumed upward.
Daily Chart Indicators Reading:
The index is at level 38 of the Relative Strength for period 14. It is trading in the downtrend zone and approaching the oversold region of the market. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The index price bars are below the moving averages indicating a further decline.
NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4-hour chart, the NAS100 is making an upward move as it breaks above the 21-day line moving average. The index will continue to rise if price breaks above the 50-day line moving average.
4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The market has reached the overbought region. The current uptrend is reaching bullish exhaustion.
General Outlook for NASDAQ 100 (NAS100)
NAS100 is trading in the bearish trend zone as it battles resistance at 11800.. The index upward move is above the 80% range of the daily stochastic, the uptrend is likely to be short-lived.
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