NASDAQ 100 (NAS100) Recovers From a Downtrend, Faces Rejection at Level 13200

NASDAQ 100 (NAS100) Recovers From a Downtrend, Faces Rejection at Level 13200

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index is in a downward move after rejection from level 13800. The index slumped to level 12400 and resumed upward. Buyers are attempting to push the index upward but are facing resistance at level 13200. The uptrend of March 16 was repelled at level 13200. Subsequent retests have been fluctuating below the resistance zone. On the upside, a break above the recent high will compel NAS100 to resume an uptrend.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. On March 24 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the NAS100 index will fall but reverse at level 1.272 Fibonacci extensions. That is the low of level 12653.61.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is above the 40% 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 is in an uptrend after a minor resistance. The index is recovering from the low of level 12400. The market is rising on the upside but it is facing resistance at the high of level 13200. The uptrend will resume if the resistance is breached.

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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.