NASDAQ 100 (NAS100) Declines , Lacks Buyers at Higher Price Levels

Updated:


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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downward move as price breaks below the 21- moving average. The market is likely to further decline to the support above the 50-day SMA. If price holds above the 50-day SMA, NASDAQ 100 will commence a range-bound move between the moving averages.

NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The cryptos price is below the 21-day line moving average and above the 50-day moving average indicating a possible range bound move. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. The index price has broken below the moving averages. It has also broken below the previous low at level 16104. There is a likelihood of further downward move. Meanwhile, on November 23 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.618 Fibonacci extension or level 15702.64.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is below the 25% range of the daily stochastic. The market is in the bearish momentum and it is approaching the overbought region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed downward move. The index is likely to further decline on the downside. According to the Fibonacci tool, NAS100 will fall to level 1.618 Fibonacci extension or level 15702.64. At this low, the index would have fallen to the oversold region of the market.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.