NASDAQ 100 (NAS100) Rally Is Facing Rejection at Level 13855

NASDAQ 100 (NAS100) Rally Is Facing Rejection at Level 13855

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index is an upward move. The index has been rising since March 9. The index has risen and it is retesting the previous historical price level at level 13885.85 to break above. On March 17 uptrend; a retraced candle body tested 61.8% Fibonacci retracement level. The retracement implies that the market will rise to level 1.618 Fibonacci extension or the high of 13935.21. From the price action, the market has reached the high of level 13825.25.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 66 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone. It indicates that the index is approaching the overbought region of the market. The implication is that the index has no enough room to rally on the upside.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. The uptrend is facing resistance at level 13855. On April 8, the uptrend was resisted as price retraced to level 13700 and resumed upward. The second uptrend is still facing the same rejection.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 60% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has been in an upward move for the past month. The uptrend has reached and it is retesting the historical price level of February 15 at level 13855. The upward move will resume if price breaks the current resistance at level 13855.


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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.