NASDAQ 100(NAS100) Continues Uptrend but Faces Resistance at Level 14400

NASDAQ 100(NAS100) Continues Uptrend but Faces Resistance at Level 14400

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

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 has continued its upward move but it is yet to reach the targeted price level. The market is presently approaching the high of level 14361.88. Meanwhile, on April 16 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 extension or level 14955.35.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has risen to level 66 of the RSI period 14. It implies that the index is in the uptrend zone and above the centerline 50. The upward rally is likely to subside. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The uptrend is facing a minor resistance at level 14400. Nonetheless, on June 18 uptrend a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 2.0 Fibonacci extension or level 14485.72 .

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NASDAQ 100 is below the 50% range of the daily stochastic. The price action is showing bullish signals as the NAS100 resumes upward. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in an upward move. The index is yet to reach the targeted price level. However, the upward move is facing resistance at level 14400. The uptrend will resume once this level is breached.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.