NAS100 Surges Ahead as Price Breaks Above 12000 High

Azeez Mustapha



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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an uptrend as price breaks above 12000 high. The index has resumed its uptrend but may face rejection at the 12000 resistance zone. In previous price action, the index has been repelled twice on June 27 and July 11. On the upside, the index will rise to level 12898 if the current resistance zone is cleared. Otherwise, the market will continue to fluctuate below the 12000 resistance zone.

NAS100 Surges Ahead as Price Breaks Above 12000 High
NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 57 of Relative Strength for period 14. NAS100 has broken into the bullish trend zone, preparatory for upward movement of prices. The index price is above the moving average lines indicating a possible upward move. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4-hour chart, the NAS100 has resumed bullish momentum as price breaks above the 12000 resistance level. The index is trading in the overbought region which will attract sellers to resume selling at the recent high. Meanwhile, on July 18, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that NAS 100 will rise to level 2.0 Fibonacci extension or level 12757.46. From the price action, the index has risen to the high of 12757.46.

NAS100 Surges Ahead as Price Breaks Above 12000 High
NAS100 – 4 Hour Chart

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. Sellers will emerge in the overbought region to push prices down. The 21-day line and 50-day line SMAs are sloping upward.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in the bullish trend zone as price breaks above 12000 high. NASDAQ is in the overbought region. There is a likelihood of a further downward move.

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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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