NASDAQ 100 (NAS100) Reaches Overbought Region as Sellers Emerge

NASDAQ 100 (NAS100) Reaches Overbought Region as Sellers Emerge

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an uptrend. The index is still in the overbought region of the market. It is facing resistance in the overbought region of the market. The current bullish momentum is not likely to extend to level 15000. Sellers have emerged in the overbought region.

NAS100 – Daily Chart


Daily Chart Indicators Reading:
NAS100 has risen to level 70 of the Relative Strength period 14. It implies that the index is in the overbought region. NAS100 has not enough room to rally on the upside. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 3- hour chart, the index is in an upward move. NAS100 is facing rejection at the recent high. Meanwhile, on June 8 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 14882.04. From the price action, the index has tested the Fibonacci level and the market is declining.

NAS100 – 3 Hour Chart

4-hour Chart Indicators Reading
NASDAQ 100 is above the 80% range of the daily stochastic. The index is in the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is in the overbought region. The index has resumed its downward move. Sellers have emerged to push prices down.


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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.