Nasdaq 100 (NAS 100) Resumes Upward Motion
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Nasdaq 100 (NAS 100) Resumes Upward Motion

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Azeez Mustapha

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Market Analysis – March 26

Nasdaq 100 trend turned bullish at the beginning of this year. The resistance level of 12864.0 paused the ascent of the market. After a retracement to gain bullish momentum at the 11880.0 support level, the buyers have launched an attack on the 12864.0 resistance level.

Nasdaq Key Levels

Demand Levels: 11880.0, 11314.0, 10691.0
Supply Levels: 12864.0, 13703.0, 14862.0

Nasdaq 100 (Nas 100) Resumes Upward Motion

Nasdaq 100 Long-Term Trend: Bullish

NAS 100 was majorly downtrending during the second half of the previous year. During the bearish displacement, an unmitigated bearish order block was deposited in September. The resistance trendline and the Moving Averages (periods nine and twenty-one) hindered the ascent of the market in September. After reaching 10691.0, a double top formed, from which the Bulls attempted to organize a trend reversal in the market. The new uptrend was short-lived due to the inability to penetrate 11880.0, a key level.

The Buyers retraced their steps back to 10691.0 and launched the second time in January. The Stochastic and The RSI already indicated that the market was ready for a bullish takeoff. The bearish trendline was tested after the launch. This aided the upthrust to this year’s current high at 12864.0 supply level. The deposited unmitigated order block was tested in February. The buyers experienced difficulty pushing through the key level.

Nasdaq 100 (Nas 100) Resumes Upward Motion

Nasdaq 100 Short-Term Trend: Bullish

The market witnessed a pullback in February. The momentum gathered at the 11880.0 support level is expected to engineer a penetration through the resistance border of 12864.0 to reach the next resistance level of 13703.0.

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