NASDAQ 100 (NAS100) is in a Downward Correction, Faces Rejection at Level 14000

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NASDAQ 100 has fallen to level 13500 as bears continue to threaten to short. In April, the bulls faced rejection at level 14000 as the index resumed downward. In February, the index faces similar rejection as the market declined to level 12250. Meanwhile, on April 19, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 extension or the high of level 14973.97.

Daily Chart Indicators Reading:
NAS100 is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 50-day SMA and the 21-day SMA are sloping horizontally indicating the sideways move below level 14000.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways trend. Presently, NAS100 is falling after rejection from the high of level 13800. The selling pressure may extend to the low of level 13400. On the other hand, if price finds support above the 21-day SMA, the bullish momentum will resume.

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. It indicates that the index has reached the overbought region of the market. The stochastic bands are sloping downward indicating a possible downward move. The moving averages are sloping downward.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index is falling after rejection at level 13800 as price reaches the low of level 13662.20. The upward move will resume if price breaks above level 13900. The current selling pressure may extend to level 13600.


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