Nasdaq (NAS100) Bulls Need Refueling
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Nasdaq (NAS100) Bulls Need Refueling

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Azeez Mustapha

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Market Analysis – November 15

Nasdaq (NAS100) bulls need refueling. The index reached a record high of 15809.600 key level in September 2023. However, it then entered a downward-trending channel as investors rotated out of growth. The index dropped to a low of 14030.600 in October 2023 before recovering some of its losses in November.

Nasdaq (NAS100) Key Zones

Resistance Zones: 15809.600, 15126.300
Support Zones: 14030.600, 13489.200

Nasdaq (NAS100) Bulls Need Refueling

Nasdaq (NAS100) Long-Term Trend: Bullish

The index broke above the 15126.300 resistance level in the first week of November 2023, signaling a bullish trend reversal. However, the buyers faced some resistance from the sellers. These sellers tried to push the price back down to the previous support level. The index retested the 15126.300 level in the second week of November 2023, confirming it as a new support level.

The buyers need to maintain their momentum and break above the upper boundary of the downward-trending channel. If they can do that, they will have a clear path to the all-time high of 15809.600 and beyond.

The RSI (Relative Strength Index), which measures the strength of the price movement, is still above 50. It indicates that the buyers have more power than the sellers. The SMI (Stochastic Momentum Index), which measures the speed and direction of the price movement, is currently in the overbought zone. It indicates that the price may be due for a correction.

Nasdaq (NAS100) Bulls Need Refueling

Nasdaq (NAS100) Short-Term Trend: Bearish

The buyers therefore need to refuel their energy and overcome the selling pressure in the market. The current situation in the short-term frame shows some sales penetration. However, a rally up to 15809.600 is still expected.

 

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