NASDAQ 100 Declines to Level 13,970 as It Faces Rejection at Level 15200

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 has broken below the moving averages as it faces rejection at level 15200. This is an indication that the market will continue its fall. Since January 31, buyers have been retesting level 15200 resistance on four occasions but failed to break the recent high. The index will fall and reach the previous low of level 12836.

Daily Chart Indicators Reading:
NAS100 has fallen to level 45 of the Relative Strength for period 14. The index is in the bearish trend line and capable of a downward move. The price bars are below the moving averages which will propel the index to rise. The 50-day SMA and the 21-day SMA are sloping upward indicating the previous uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4 hour chart, the NAS100 price has fallen to the oversold region of the market. The price also broke below the moving averages. Meanwhile, on April 7 downtrend, A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.272 Fibonacci extension or level 13970.93.

4-hour Chart Indicators Reading
The index has fallen below the 20% range of the daily stochastic. It indicates that the selling pressure has reached bearish exhaustion. Buyers are expected to emerge in the oversold region of the market. The current selling pressure is likely to subside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a downward move as it faces rejection at level 15200. The index has declined and it is reaching bearish exhaustion. According to the price indicator, the market will decline and reversed to level 13970.93.

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