NASDAQ 100 (NAS100) Reaches the Overbought Region, May Face Rejection at Level 15000

NASDAQ 100 (NAS100) Reaches the Overbought Region, May Face Rejection at Level 15000

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

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 is in an uptrend. The index is trading in the overbought region of the market. NASDAQ 100 price is making higher highs and higher lows. The bullish momentum is likely to extend to level15000. However, the index overbought condition may not hold in a strong trending market.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 has risen to level 72 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 4- hour chart, the index is in an upward move. NASDAQ 100 is facing resistance at the recent high. Nonetheless, on June 18 uptrend a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 2.0 Fibonacci extensions or level 14485.72. From the price action, the bulls have broken the resistance at level 14600.

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. 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 an upward move. The price has reached the overbought region of the market. The RSI period 14 and the daily stochastic have shown the overbought condition of the market. The market will rise to level 15000 and subside.


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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.