NASDAQ 100 (100) Resumes Upward after a Bearish Double Top Formation

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RESULTS

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

NASDAQ 100 (NAS100) Long-term Trend: Ranging
Since February, NAS100 has been in a sideways move. The upward move is facing rejection at level 14000. On April 16 and 26, the bulls tested the resistance at level 14000 and were repelled. A bearish double top pattern was formed which caused the index to decline to level 13000. Today, the index has resumed a fresh uptrend. A retest at level 14000 is likely.

Daily Chart Indicators Reading:
NAS100 has risen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move. The index price is below the SMAs which indicates a possible fall.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the 4- hour chart, the index is still in a sideways move. Today, the index is falling after testing the level 13600 resistance zone. Meanwhile, on May 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the index will reach level 1.618 Fibonacci extension or the high of 13756.51.

4-hour Chart Indicators Reading
The index is below the 80% range of the daily stochastic. It indicates that the index is in a bearish momentum. The stochastic bands are sloping upward indicating a possible upward move.

General Outlook for NASDAQ 100 (NAS100)
For the past three months, the NAS100 index has been trading below level 14,000. The bulls are yet to break the resistance at level 14000. Presently, the index is rising on the upside. If price breaks above the moving averages, NAS100 will resume upward move.

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