NAS100 Resumes Selling Pressure, Unable to Break Level 15100

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downtrend but unable to break Level 15100. On February 1, the upward move was resisted at level 15100. In other words, the index was repelled at the 21-day SMA indicating a further downward move. Meanwhile, on January 10 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 14173.72 .

NAS100 Resumes Selling Pressure, Unable to Break Level 15100
NAS100 – Daily Chart

Daily Chart Indicators Reading:
The index is at level 42 of the Relative Strength for period 14. NAS100 is still in the downtrend zone despite the recent upward move. The index will decline as it faces rejection from the recent high. 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 21-day SMA but finds support above level 14400. NASDAQ 100 is now fluctuating between the moving averages. The selling pressure will resume if the bears break below the 14400 support. The market will resume upward if price breaks above the 21-day SMA.

NAS100 -4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 30% 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 is trading in the bearish trend zone but unable to break level 15100. The index may revisit the previous low at level 13900 as it faces rejection at the recent high


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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.