NASDAQ 100 (NAS100) Rallies on the Upside, Targets Level 13929.26

NASDAQ 100 (NAS100) Rallies on the Upside, Targets Level 13929.26

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 price has broken above the moving averages. This is an indication of a further upward movement of the index. 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 13929.26.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 58 of the Relative Strength Index period 14. It indicates that the market is in the uptrend and above the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a smooth uptrend. The index price has broken above the moving averages. NAS100 will rise as long as price is above the moving averages. Presently, the upward move is facing resistance at level 13350.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% 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 downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is rising on the upside. The daily stochastic is indicating that the index is in the overbought region of the market. However, in a trending market, the overbought condition may not hold. That is the uptrend will continue. According to the Fibonacci tool, the market will rise to level 1.618 Fibonacci extension or the high level 13929.26.

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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.