NASDAQ 100 (NAS100) Rebounds above Level 15550, Resumes Uptrend

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has resumed upward move as price breaks above the moving averages. Buyers are pushing the index to retest the resistance at level 16750. In the first uptrend, the bulls were repelled at the high of level 16750. The market declined to the low of level 15550. NAS100 will rally above level 17000 if buyers overcome the resistance at level 16750.

NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 54 of the Relative Strength Index for period 14. It indicates that NAS100 is in the uptrend zone and capable of rising on the upside. The index price is above the moving averages indicating a possible rise of the index.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in an upward move. The uptrend is facing resistance at level 16405. A break above the resistance will propel the index to rise on the upside. Meanwhile, on December 8, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 will rise to level 1.618 Fibonacci extension or level 16955.19.

NAS100 – 3 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 40% range of the daily stochastic. The index is in a bullish momentum. 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. The upside momentum will resume if price breaks above the resistance at level 16750. Meanwhile, the NAS100 is trading at level 16284 at the time of writing.


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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.