NASDAQ 100 (NAS100) Surges Ahead, Targets Level 16059


Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
Since October 13, NAS100 has been in an uptrend. The upward move is being accelerated as price breaks above the moving averages and the resistance at level 15600. Meanwhile, on October 7 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 2.618 Fibonacci extensions or level 16059.88.

NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 70 of the Relative Strength period 14. The index has reached the overbought region of the market. Sellers are likely to emerge in the overbought region.NAS100 is in the uptrend zone and has resumed upside momentum. The price bars are above the 50-day SMA and the 21-day SMA which indicates that the index is capable of an upward move.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in a smooth uptrend. A bullish trend line is drawn showing the support levels of prices. The market has reached an overbought region of the market.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates the market is in the overbought region. Sellers are likely to emerge in the overbought region The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in a strong uptrend. The index has reached the overbought region. Further upward moves are doubtful. The Fibonacci has indicated that NAS100 is likely to rise to level 2.618 Fibonacci extensions or level 16059.88.

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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.