NASDAQ 100 (NAS100) Reaches the Oversold Region, May Resume Up trending

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 is in an downtrend. The index reaches the high of level 13885 and was repelled. The downtrend has been ongoing. On February 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will further decline to level 2.0 Fibonacci extension or the low of 11413.74.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has fallen to level 39 of the Relative Strength Index period 14. The index is in the downtrend zone below the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. The price retested the high of 13400 twice before resuming the downtrend. The index is now at the low of 12400. The market will rise if the current support holds.

4-hour Chart Indicators Reading
The market is above the 25% range of the daily stochastic. It indicates that the index is in a bullish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has fallen to the oversold region of the market. Presently, the market is in an upward movement. If the current support holds, the selling pressure will be exhausted.

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