NAS100 Analysis – May 19
NAS100 sets to retrace downward as price hits $18700.0 resistance. Moreover, the Stochastic Oscillator also indicates that the market is in an extremely overbought state. This further weakens the buying momentum as a pullback becomes necessary. A pullback to the downside is imminent, as the Stochastic Oscillator needs to cross the 80.0 level downward.
NAS100 Key Levels
Resistance Levels: $18400.0, $18700.0
Support Levels: $17300.0, $17000.0
NAS100 Long-Term Trend: Bullish
NAS100 has been in a bullish trend since November 2023. The market was forming higher highs and higher lows until a swing high formed at $18500.0 in March 2024. Before the formation of the swing high at $18500.0, an FVG (Fair Value Gap) formed at $17000.0 support. Following the notable decline from the $18500.0 swing high, the bullish trend resumed after the FVG was filled.
The Nasdaq-100 Index followed a rising trend on the daily chart until the recent resistance faced at $18700.0. This indicated that the bulls’ confidence has been strong, leading to higher purchase prices over time. The Nasdaq-100 Index’s recent performance within its rising trend and ability to break through resistance levels suggest a healthy and strengthening market. If these trends continue, the index has the potential for further gains, indicating a positive outlook for the medium to long term.
Nasdaq Short-Term Trend: Bullish
The market is still bullish on the four-hour chart. The current trading range lies between $17000.0 low and $18700.0 high. NAS100 is likely to experience a major pullback as the Stochastic Oscillator indicates that the market is correcting to the downside.
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