NASDAQ 100 (NAS100) Resumes Uptrend as It Looks Overbought

Azeez Mustapha
6 September 2021 | Updated: 6 September 2021

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index has risen to level 15660 after breaking above the resistance at level 15200. However, since August 31, the upward moves have been stalled as the market resumed a sideways move below the resistance. The current upward move is doubtful as the market reaches the overbought region. Meanwhile; on July 26 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 15562.54.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 70 of the Relative Strength period 14. The index has reached the overbought region. Further upward move is unlikely. Besides, we expect sellers to emerge in the overbought region. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The price bars are above the moving averages which suggest a further upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in an upward move. The uptrend has been stalled as the market is characterized by small body candlesticks called Doji. These candlesticks indicate that buyers and sellers are undecided about the direction of the market. On the upside, if price breaks the recent high the market will rise to level 15900. Meanwhile; on August 31 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 15930.06.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 75% range of the daily stochastic. It indicates that the market has reached the overbought region. The upward move is unlikely as the market reaches the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
The index has resumed upward moves as it broke above the resistance at level 15200. The market has reached the overbought region, the current trend will soon reach bullish exhaustion.


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Azeez Mustapha

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.