NAS100 Regains Bullish Momentum as It Battles the Resistance at 11845

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 the resistance at 11845. Buyers have pushed the index above the 21-day line SMA. NAS100 is likely to rise to retest the 50-day line SMA. The market will rise to level 12800 if the bulls breach the moving average lines. On the other hand, NAS100 will be compelled to a range-bound move between the moving average lines if the 50-day line SMA remains unbroken.

Daily Chart Indicators Reading:
NAS100 is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The index price is between the moving average lines which indicates a sideways move of NAS100. The downtrend is indicated by the downward-sloping 21-day and 50-day SMA lines.


NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in an upward move as price breaks above the moving average lines. On October 24 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS 100 will rise to level 1.618 Fibonacci extension or level 11843.20.

4-hour Chart Indicators Reading
NAS100 is in a bullish momentum above the 70% range of the daily stochastic. The market will  rise as the price bars are above the moving average lines. The moving average lines are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has recovered from the downtrend as it battles the resistance at 11845. The initial uptrend is likely to reach the high of level 11845. However, the upward move is doubtful as the index reaches the overbought region.

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