NASDAQ 100 (NAS100) Retests Level 13200, May Further Decline

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index is in an uptrend but it is currently retracing. The index may further decline. On February 23 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that the NAS100 index will fall to level 1.618 Fibonacci extensions or level 12063.57.

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. NAS100 is at level 43 of the Relative Strength Index period 14. It is in the downtrend zone below the centerline 50.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
On the 1- hour chart, the index is in a downward move. On March 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the NAS100 index will fall to level 1.272 Fibonacci extensions. That is the low of level 12538.38.

1-hour Chart Indicators Reading
The market is below the 80% range of the daily stochastic. It indicates that the index is in a bearish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index has been falling after its rejection from the level 14000 resistance zone. At the lower time frame, the Fibonacci tool has indicated a possible reversal at level 1.272 or level 12538.38. The price has broken below the moving averages which indicate a further downward move.

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