NASDAQMakes Positive Moves as It Reaches Overbought Region at 14718

Updated:

Key Resistance Zones: 16000, 16500, 17000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is trading above the moving averages as it reaches overbought region at Level 14718. The bulls have broken above the moving averages to reach the high of level 14576.50. However, the index pulled above the moving averages. It is resuming upward after a minor retracement. Meanwhile, on March 22 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that NAS100 will rise but reverse at level 1.272 Fibonacci extension or level 14991.77. From the price action, the index is rising to the upside.

NASDAQ Makes Positive Moves as It Reaches Overbought Region at Level 14718
NAS100- Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 58 of the Relative Strength for period 14. The index is in the bullish trend line and capable of a further upward move. The market will rise as long as the index’s price is still above the moving averages. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4 hour chart, NAS100 price is making a series of higher highs and higher lows. Further upward move is likely as the market reaches the overbought region. Meanwhile, on March 24 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS 100 will rise to level 1.618 Fibonacci extension or level 14955.05.

NASDAQ Makes Positive Moves as It Reaches Overbought Region at Level 14718
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is below the 80% range of the daily stochastic. The stochastic bands are sloping upward indicating a possible upward move. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend. The index price is above the moving averages indicating a possible rise of NAS100.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is in the uptrend zone as it reaches overbought region at Level 14718. NASDAQ is rising but may face rejection at level 15000.


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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.