NASDAQ Faces a Potential Price Reversal

Market Analysis – January 15th

NASDAQ faces a potential price reversal as buyers lose touch. The buyers have been facing rejection as the price approaches the significant level of 17018.00. For Nasdaq to break its highest high at the 17000.00 market level, the bulls will need to double their focus and regain control.

Nasdaq Important Zones

Resistance Zones: 17018.00, 16809.90
Support Zones: 15337.00, 14077.60

NAS100 Long-Term Trend: Bullish 

Throughout last week, the buyers have maintained a straight focus, attempting to influence a breakout at the significant level of 17018.00. However, their efforts have waned due to lower volatility, resulting in a drop in their momentum.

Nasdaq experienced a major uprising towards the end of last year.  The buyers were able to solidify their efforts by pushing from the significant level of 14077.60. Following a breakout above the significant level of 15000.00, the price retested the significant zone of 15681.30.

Bullish sentiment continued to grow until the buyers were held back from crossing the critical level of 17000.00. As the bullish strength currently wanes due to rejection at this key zone, sellers are likely to gain momentum.

On the daily chart, the price will likely reverse and continue in a ranging market for the time being. The Stochastic Oscillator is at the buy horizon, indicating an overbought region. However, it is important to note that bullish sentiment should not be entirely ruled out.

NAS100 Short Term Trend: Bearish 

Nevertheless, the current situation shows a decline in their strength due to rejection. In the short time frame, the sellers are very likely to take charge soon.

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