Nasdaq 100 (NAS100) Resistance Zone turns Support

Market Analysis – May 13

NAS100 price recovery has kicked off since April after the sellers got exhausted as signaled by the Relative Strength Index (RSI). At 16969.0, the RSI revealed the market was oversold, this led to the bullish reversal on the daily chart. NAS100 price had to surpass the resistance level of 17864.0 to ascend to the year’s current high of 18465.90.

NAS100 Long-term Trend: Bullish

Demand Levels: 17864.50, 17282.60, 16969.20
Supply Levels: 18465.90, 19000.0 20000.0

NAS100 Long-term trend: Bullish

NAS 100 daily chart formed a decent higher high in March. The RSI exposed the weaknesses abounding in the market with a divergence. Rather than create a higher high, a lower high was obvious in the indicator phase. Eventually, the RSI declined below 50.0 to establish a downward direction. The downward direction was also made obvious with the price decline below the bullish trendline.

As the RSI (Relative Strength Index) reached the oversold region, the market experienced a bullish reversal. The price ascent witnessed resistance from the Moving Average which lies within the Bollinger Bands and the major zone of 17864.0. This led to a swing high and a very brief dip in price. Upon testing the 17282.0 demand level, three white soldiers broke the resistance level of 17864.0 to sustain the bullish stance.

NAS100 Short-term trend: Bullish

The market pulled back to the previous resistance zone which now served as a support. The RSI is currently above 50 signifying a bullish trend. The price is expected to race towards 18465.0

Frequently Asked Questions

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.