NASDAQ 100 (NAS100) Resumes Upward Move, Breaks Resistance at Level 15000

17 October 2021 | Updated: 17 October 2021

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has resumed an upward move as price breaks above the 21-day moving average. If the bulls break above the 50-day moving average, NASDAQ will be in the bullish trend zone. The index will rise to retest the previous highs of level 15600. 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 15977.37.

NAS100 -Daily Chart

Daily Chart Indicators Reading:
The index is at level 54 of the Relative Strength period 14. NAS100 is in the uptrend zone and has resume upside momentum. The price bars are below the 50-day SMA but above the 21-day SMA.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, NAS100 has resumed an upward move as price breaks the resistance at level 15000. NAS100 is rising to retest another resistance at 15400. 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 extension or level 15884.12.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates the market is in the overbought region. Since October 14, NAS100 has been trading in the overbought region of the market. 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 as level 14400 support holds. The market will reach the uptrend zone if the bulls breach the 50-day moving average. Meanwhile, the index will rise to level 2.618 Fibonacci extension or level 15884.12.

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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.