NASDAQ 100 (NAS100) Is In An Upward Move, Struggles Below Level 14040.00

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RESULTS

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index has continued the upward move. On April 12 the bulls broke the resistance level which has been holding since February 15. The index price pulled back to retest the resistance, now support before continuing upward move. Buyers are yet to break the overhead resistance convincingly. NAS100 index is trading at 14045.53 at the time of writing.

Daily Chart Indicators Reading:
NAS100 is at level 67 of the Relative Strength Index period 14. This indicates that the index has no room to rally on the upside. Also, the market is approaching the overbought region as sellers may emerge. 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 a sideways move below level 14040. On April 15 uptrend, the index was resisted at level 14045.00. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 14121.75.

4-hour Chart Indicators Reading
The index is above the 60% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the moving averages are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index is struggling to break above the overhead resistance at level 14040.00. The uptrend will resume if the overhead resistance is breached. Presently, index price is fluctuating below and above the level 14040.00

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