NASDAQ 100 (NAS100) Unable to Break Level 15200 Overhead Resistance, May Resume Downtrend


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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an upward move. The index trades below the 15200 overhead resistances. Today, buyers are facing rejection at the overhead resistance. Buyers have failed to overcome level 15200 since July. Meanwhile; on July 26 uptrend a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that NAS100 is likely to rise to level 1.618 Fibonacci extensions or level 15554.80.

NAS100 – Daily Chart

Daily Chart Indicators Reading:
The index is at level 60 of the Relative Strength period 14. It indicates that the market is in the bullish trend zone and has room to rally on the upside. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Ranging
On the 4- hour chart, the index is in a sideways move below level 15200. The index is falling after rejection at level 15200. The downtrend will extend to the low of 14960 if price breaks below the moving averages. In previous price action, NAS100 fell to 14960 after rejection at the overhead resistance.

NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NASDAQ 100 is below the 80% range of the daily stochastic. The index is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

General Outlook for NASDAQ 100 (NAS100)
The NAS100 index is a range-bound move below level 15200. The bulls are yet to break the resistance as the index falls. Presently, the market is in the overbought region. Sellers have emerged to push prices down. After the downward move, the index will resume its 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.