NAS100 Surges Ahead as It Struggles to Break Resistance at 13415

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Highlights
To break resistance at 13415
NAS100 approaches the overbought region

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an upward move as it struggles to beak resistance at 13415. The uptrend has resumed as price makes a series of higher highs and higher lows. Today, the index has risen to the high of level 13418.25. This is the historical price level of May 5. The uptrend is likely to face rejection at level 15146. Meanwhile, the index is approaching the overbought region of the market. Further upward movement of price is doubtful.

Daily Chart Indicators Reading:
NAS100 is at level 68 of Relative Strength for period 14. The index is approaching level 70 which is the overbought region of the market. It implies that the trend is reaching bullish exhaustion. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend. The index has a bullish crossover.


NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in a smooth uptrend. A bullish trend line is drawn showing the support levels of prices. The uptrend is ongoing as long as the prices remain above the moving average lines. The uptrend will be terminated if price breaks below the moving average lines.

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The index has reached the overbought region of the market. It indicates that the bullish trend may terminate at the overbought region. The 21-day line and 50-day line SMAs are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in an uptrend as it struggles to beak resistance at 13415. The bulls are attempting to keep the price above level 13415. The index was earlier resisted at the high of August 5 and 8.


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