NASDAQ 100 (NAS100) Retests Level 16400 High, May Resume Downtrend

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Ranging
NAS100 index is in a sideways trend but may resume downtrend. NASDAQ 100 was earlier in an uptrend. The uptrend has been terminated since November 4. For the past month, the index has been fluctuating below the overhead resistance at $16,400. The uptrend will resume upward if the overhead resistance is breached. Meanwhile, on November 22 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will rise to level 2.0 Fibonacci extension or level 18861.50.

NASDAQ 100 (NAS100) Retests Level 16400 High, May Resume Uptrend
NAS 100 – Weekly Chart

Weekly Chart Indicators Reading:
The index is at level 61 of the Relative Strength Index for period 14. It indicates that NAS100 is the uptrend zone and it is capable of further upside. The 21-day and the 50-day line moving averages are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the Daily hour chart, NAS100 is in a sideways move. The previous uptrend was terminated on November 4 as the market resumes a sideways move. The bulls have retested the overhead resistance on more than four occasions but were repelled. Today, buyers have resumed upward move to retest the overhead resistance. The uptrend will resume when the resistance at level 16400 is breached.

NASDAQ 100 (NAS100) Retests Level 16400 High, May Resume Uptrend
NAS 100 – Daily Chart

Daily Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The index is now in the overbought region of the market. The current uptrend may face another rejection as prices reach the overbought region. The index is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is trading at level 16324.23 at press time as it may resume downtrend. The current uptrend is likely to face rejection at level 16400. The index is facing rejection as it resumes a range-bound move.

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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.