NASDAQ 100 (NAS100) Reaches Overbought Region, Selling Pressure Soon

Azeez Mustapha
26 July 2021 | Updated: 26 July 2021

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an upward move. The upward move appears to reach the overbought region. The daily stochastic and the RSI are signaling that the market has reached the overbought region of the market. The index has resumed an upward move after falling to the low of level 14445. Meanwhile, on July 14 uptrend a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise but reverse at level 1.272 Fibonacci extensions or level 15417.61. The index is approaching the Fibonacci extension for a possible reversal.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has fallen to level 70 of the Relative Strength period 14. It indicates that the market has reached an overbought region for a possible reversal. In other words, sellers are likely to 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 an uptrend. The price is making a series of higher highs and higher lows. The upward movement will continue as long as the bullish trend line remains unbroken.

NAS100 – 4 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. NAS100 will soon resume selling pressure as sellers are likely to emerge. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index has fallen to the overbought region. The RSI has indicated that NAS100 has no room to rally on the upside. Therefore selling pressure is likely to resume on the downside.



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Azeez Mustapha

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.