NASDAQ 100 (NAS100) Reaches Overbought Region, Targets Level 16906

Updated:

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has continued to rise on the upside. The index is trading at level 16585 at the time of writing. Meanwhile, on November 8 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS 100 will rise but will reverse at level 1.272 Fibonacci extension or level 16906.38.

NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 74 of the Relative Strength Index for period 14. The market has reached the overbought region. Sellers will emerge to push prices down. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The index price is above the moving averages after the retracement.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in an upward move. The new uptrend has broken above the resistance at 16400 and resumed upward. The upward move is doubtful as prices reach the overbought region.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The market is in the bullish momentum and it is approaching the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed upward move. However, the index is now trading in the overbought region. The RSI index is at level 74 . NAS 100 is seriously in an overbought condition. There is a tendency for the index to decline.


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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.