NASDAQ 100 (NAS100) Resumes Uptrend, Faces Rejection at Level 15500

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has continued to rise on the upside as price breaks above the moving averages. The market is rising and approaching the resistance level at 15600. NASDAQ will rally to level 18000 if the resistance at 15500 is breached. Meanwhile, on October 7 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 2.618 Fibonacci extensions or level 16059.88.

Daily Chart Indicators Reading:
The index is at level 58 of the Relative Strength period 14. NAS100 is in the uptrend zone and has resumed upside momentum. The price bars are above the 50-day SMA and the 21-day SMA which indicates that the index is capable of an upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 has resumed an upward move. The uptrend is facing resistance at level 15500. Since October 19, the upward move has been stalled below the recent high.

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It indicates the market is in the oversold region. Buyers are likely to emerge in the oversold region The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has risen to level 15500 but faces rejection. Further upward moves are possible if the current resistance is breached. The index indicates that NAS100 is likely to rise to level 2.618 Fibonacci extensions or level 16059.88.


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