NASDAQ 100 (NAS100) Resumes Upward Move, Faces Rejection at Level 13200

NASDAQ 100 (NAS100) Resumes Upward Move, 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 fell to the support at level 12250. The upward move is facing rejection at level 13200. The market will retest level 13800 if the resistance at level 13200 is breached. On the other hand, if price breaks above the SMAs the uptrend will resume.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 47 of the Relative Strength Index period 14. The index is in the downtrend zone below the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. For the past 48 hours, the price has been rising on the upside. On March 11 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the NAS100 index will rise to level 2.618 Fibonacci extensions.

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 upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index has resumed upward move. The current upward move will continue if the current support at 12800 holds. The Fibonacci tool has indicated a target price of level 13761.76.


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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.