NAS100 Resumes Selling Pressure, Faces Rejection at Level 15000

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downtrend as it faces rejection at level 15000. The index price has broken below the moving averages. It retested the 21-day Line moving average and resumed selling pressure. The selling pressure is likely to resume downward. Meanwhile, on January 24 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS100 will fall to level 1.618 Fibonacci extension or 11884.07 .

NAS100 Resumes Selling Pressure, Faces Rejection at Level 15000
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 38 of the Relative Strength for period 14. NAS100 is still in the downtrend zone and below the centerline 50. It is also approaching the oversold region of the market
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. The index has broken below the moving averages indicating a further downward move.NAS100 is approaching the oversold region of the market.

NAS100 Resumes Selling Pressure, Faces Rejection at Level 15000
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It indicates that the market is in an oversold region. The current selling pressure has reached bearish exhaustion. Buyers are likely to emerge in the oversold region. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has retested level 14600 as it faces rejection at level 15000. The downtrend may extend to the previous low at level 13749.



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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.