NAS100 Resumes Selling Pressure after Retesting Level 12700

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is still in a downtrend after retesting level 12700. Yesterday, buyers push the index above the moving average lines but failed to sustain the bullish momentum. NAS100 faced selling pressure at the 12700 resistance level. The index has fallen to the previous low at level 11922. The downtrend will resume if the current support is breached. The index is likely to decline to the previous low at level 11030.

NAS100 Resumes Selling Pressure after Retesting Level 12700
NAS100 – Daily Chart

Daily Chart Indicators Reading:
The index is at level 39 of the Relative Strength Index for period 14. It indicates that the market is in the downtrend zone and it is approaching the oversold region of the market. NAS100 price bars are below the moving average lines indicating a further decline. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On a weekly chart, the NAS100 is in a downtrend. The bears have broken below the 21-day line SMA signaling a further downward move.
On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.618 Fibonacci extension or level 10657.70.

NAS100 Resumes Selling Pressure after Retesting Level 12700
NAS100- Daily Chart

Weekly Chart Indicators Reading
NAS100 is below the 40% range of the daily stochastic. The index is in a bearish momentum. The moving average lines are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed selling pressure after retesting level 12700. The index is approaching the previous low at level 11036.

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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.