NASDAQ 100 (NAS100) Breaks above Level 15200, Targets Level 15558.66

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RESULTS

Key Resistance Zones: 14000, 14100, 14200
Key Support Zones: 13400, 13300, 13200

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 price has broken above the resistance at level 15200. The index is trading and approaching the overbought region. Further upside is unlikely. Meanwhile; on August 25 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.272 Fibonacci extensions or level 15558.66.

Daily Chart Indicators Reading:
NAS100 is at level 66 of the Relative Strength period 14. It indicates that the index is approaching the overbought region of the market. The upward move may terminate at the arrival of sellers at the overbought region. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the bulls have broken the resistance at level 15200. The price consolidated above level 15200 support and resumed upward. The index is likely to rise as it is above the moving averages. Meanwhile; on August 25 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.272 Fibonacci extensions or level 15530.98.

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The upward move is unlikely as the market reaches the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in an uptrend as price breaks above the moving averages. NASDAQ 100 is rising as it breaks above the overhead resistance at level 15200. However, the uptrend is likely to be shortlived as the market reaches the overbought region


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