Nasdaq 100 (NAS100) Faces Resistance at Oversold Levels

Market Analysis – October 28

The Nasdaq 100 index has encountered resistance at the 20,478.0 supply level. This resistance has temporarily slowed its upward movement. The price is now close to a significant milestone. With the previous high at 20,772.0 just a few points away, the potential for a new all-time high is increasingly likely. Market participants are closely watching this level, as breaking through it could signal a stronger bullish trend.

Nasdaq 100 Key Levels

Demand Levels: 19,918.0, 18,355.0, 17,300.0
Supply Levels: 20,478.0, 21,000.0, 22,000.0

Nasdaq 100 Long-Term Trend: Bullish

Since August, the Nasdaq 100 index has maintained a bullish trend, initially driven by an oversold signal on the Williams Percent Range. The market revisited this zone in September, forming a second low that reinforced the upward trajectory. These lows are connected by a bullish trendline, which may guide future price pullbacks and support the ongoing trend.

Following the September low, Smoothed Heikin Ashi candles have indicated sustained bullish momentum, with green hues below the custom daily candles. However, the Williams Percent Range now signals an overbought market, suggesting a possible price correction.

Nasdaq 100 Short-Term Trend: Ranging

In the short term, the Nasdaq 100 index faces resistance around the critical 20,478.0 level, as evidenced by multiple tests at this point. A successful retest of the bullish trendline may support buyers in breaking through this resistance to establish a new high. The Nasdaq 100 index appears set to challenge the psychological level at 21,000.0 and should be considered in forex signals.

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