NAS100 Surges Ahead as It Targets the High of Level 12800

Azeez Mustapha



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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in an upward move as it targets the high of level 12800. The index has broken above the 21-day line SMA as it approaches the 50-day line SMA. The bulls will attempt to break above the 50-day line SMA. This will propel the index to rise to the previous high of level 12800. NAS100 may face rejection as it trades in the overbought region of the market. The index is trading at level 12163.25 at the time of writing.

NAS100 Surges Ahead as It Targets the High of Level 12800
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 52 of the Relative Strength for period 14. It is trading in the uptrend zone and it is capable of further upward move. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend. The index price bars are above the 21-day line SMA but below the 50-day line SMA which indicates a possible range-bound move

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 is in a smooth uptrend as price breaks above the moving averages. The index has rallied to an overbought region of the market. The current uptrend may face rejection at the recent high. The uptrend may continue as long as the price bars are above the moving averages

NAS100 Surges Ahead as It Targets the High of Level 12800
NAS100- 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The market has reached the overbought region. The current uptrend is reaching bullish exhaustion. Sellers will emerge in the overbought region.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has regained bullish momentum as it targets the high of level 12800. The index price has broken above the moving averages. The current upward move may face rejection at level 12328.

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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.

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