NASDAQ 100 (NAS100) Reaches Bearish Exhaustion, Resumes Uptrend

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in a downward move. The index is above the 50-day line SMA but below the 21-day SMA. NAS100 will further decline to level 14400 if the bears break below the 50-day SMA. On the other hand, if the current support holds, the uptrend will resume. Besides, the market has reached the oversold region and has pulled back. The index is likely to revisit the previous highs. A break above the 21-day SMA will signal the resumption of upside momentum.

Daily Chart Indicators Reading:
The index has fallen to level 42 of the Relative Strength Index for period 14. NAS100 is in the downtrend zone and capable of falling on the downside. The index price is between the moving averages indicating a possible range bound move.

NAS100- Daily Chart

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. The index has fallen to level 15529 as the market reached the oversold region. The selling pressure is likely to subside. Meanwhile, on November 26 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 1.618 Fibonacci extension or level 15469.56.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is below the 20% range of the daily stochastic. NAS100 reached the oversold region and buyers pushed price upward. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached the oversold region. There is the likelihood of upward movement of prices. The selling pressure has been exhausted.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.