NASDAQ 100 (100) Reaches an Overbought Region, May Face Rejection

Azeez Mustapha
23 August 2021 | Updated: 23 August 2021

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

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 is still in a sideways move below level 15200 since July. In August, buyers retested the resistance zone twice but were repelled. On August 17 retest, NAS100 fell to level 14800. Today, buyers are pushing the price to the resistance zone. Meanwhile; on July 26 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 15553.79.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 57 of the Relative Strength period 14. It indicates that the market is in the bullish trend zone and above the centerline 50. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move below level 15200. On August 19, NAS100 fell level 14720 and resumed upward. Meanwhile; on August 19 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 15553.79.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NASDAQ 100 is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers are likely to emerge, The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in a bullish momentum and it is trading at level 15123 at the time of writing. The index has reached the resistance zone for a possible rejection. Besides, the index has reached the overbought region of the market.

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Azeez Mustapha

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.