NASDAQ 100 (NAS100) Rises On The Upside, May Face Rejection At The Overbought Region

NASDAQ 100 (NAS100) Rises On The Upside, May Face Rejection At The Overbought Region

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 index has been facing rejection at level 14100 since February 15. On April 19, the NAS100 was resisted as price dropped to level 13800 and resumed consolidation. On April 19, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 extension and reverse .

NAS100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 59 of the Relative Strength Index period 14. This indicates that the index is in the uptrend zone and above the centerline 50. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The index has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which gives a buy signal.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the 4- hour chart, the index is range-bound below level 14100 overhead resistance. On April 23 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or level 14436.90.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the index is in a bullish momentum. The market has reached an overbought region of the market. Meanwhile, the moving averages are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 index is range-bound below level 14100 since February 15. The upward move has been interrupted below the overhead resistance. The index price is likely to fall on the downsize. The Fibonacci tool has indicated reversal at level 14400.

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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.