Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500
NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 index is in a downward correction as it targets the low of 12200. The index is likely to further decline as it faces rejection at the moving averages. Meanwhile, on January 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS100 will fall to level 1.618 Fibonacci extension or level 11888.67.
Daily Chart Indicators Reading:
NAS100 is at level 39 of the Relative Strength for period 14. It indicates that NAS100 is in the downtrend zone and below the centerline 50. Also, it is approaching the oversold region of the market. The index price is below the moving averages which indicates a possible downward move. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.
NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4 hour chart, NAS100 is in a downward move. The upward correction was repelled twice before the resumption of the downtrend. Meanwhile, on March 10 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that NAS 100 will fall to level 2.0 Fibonacci extension or level 12961.54.
4-hour Chart Indicators Reading
NAS100 is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The current selling pressure is likely to subside as the market reaches the oversold region.
General Outlook for NASDAQ 100 (NAS100)
NAS100 is trading in the oversold region of the market as it targets the low of 12200. The current downward move has reached bearish exhaustion. Buyers are likely to emerge.
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