Nasdaq 100 (NAS100) Retraces to Level 13500 Support, Sellers Threaten to Short

21 February 2021 | Updated: 21 February 2021

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

Nasdaq 100 (NAS100) Long-term Trend: Bearish
NAS100 was earlier in an uptrend. The upward move was terminated at level 13900 as the index resume downward move. The index fell to level 13500 as price corrected upward. The upward correction was repelled again at level 13700. The market is falling after the resistance at the recent high.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index has risen to level 59 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone above the centerline 50.

Nasdaq 100 (NAS100) Medium-term Trend: Bearish
On the 4- hour chart, the index is in a downward move. On February 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that NAS100 will fall to level 2.0 Fibonacci extensions. That is the low of 13042.27.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 40% 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 is falling and approaching the low of level 13500. The downtrend will resume if the price breaks the current support level. The market will also resume an upward move if the current support holds.

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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.