NASDAG 100 (NAS100) Holds Above Level 14400, Reaches Bearish Exhaustion

11 October 2021 | Updated: 11 October 2021


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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
Since September 7, NAS100 has been in a downtrend. The index has fallen to the low of 14356 as bulls bought the dips. The price corrected upward after falling to the low above level 14400. The upward correction was repelled at level 15000. The implication is that the selling pressure will resume. Meanwhile, on September 20 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 is likely to fall to level 2.0 Fibonacci extensions or level 13863.27. From the price action, the market reached the low of level 14400 and pulled back.

NAS100 -Daily Chart

Daily Chart Indicators Reading:
The index is at level 44 of the Relative Strength period 14. NAS100 is in the downtrend zone and capable of falling on the downside. The price bars are below the 50-day SMA and the 21-day SMA indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. The index fell to level 14360 twice and resumed consolidation. If price breaks below the current support, the selling pressure will resume. Meanwhile, on October 4 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 is likely to fall to level 2.0 Fibonacci extension or level 13351.56.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 40% range of the daily stochastic. It indicates the market is in the bullish trend zone. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
Since October 4, NAS100 has been fluctuating above level 14400. The uptrend will resume if the current support holds. Meanwhile, the index is still trading in the downtrend zone. Presently, NAS100 is facing rejection at level 15000. The Fibonacci tool has indicated a possible fall at level 13351 or 13863

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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.