NASDAQ 100 (NAS100) Reaches Oversold Region as It Pauses Above Level

5 October 2021 | Updated: 5 October 2021

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 index has been in a downward move after reaching a peak price of level 15711. The market has declined to the bearish trend zone as bears broke below the moving averages. The selling pressure has been accelerated as price reached the low of level 14356. A further downward move is likely because of the rejection at level 14800. Meanwhile, on September 20 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 is likely to fall to level 2.0 Fibonacci extensions or level 13895.87.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 29 of the Relative Strength period 14. It indicates that the market has reached the oversold region. The implication is that selling pressure has subsided. Buyers are likely to emerge in the oversold region to push prices down. The price bars are below the 50-day SMA and the 21-day SMA indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 is in a downward move. The downtrend was accelerated after a rejection at level 15400. Meanwhile, on September 30 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS100 is likely to fall to level 1.272 Fibonacci extension or level 14313.89 .

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It indicates the market has reached the oversold region. Also, the selling pressure is reaching bearish exhaustion. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has reached an oversold region of the market. The downtrend is likely to subside. As buyers emerge, the upward move will resume. The market has started holding above level 14400.


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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.