Nasdaq (NAS100) Buyers Need Extra Support

Market Analysis – October 2

Nasdaq (NAS100) buyers need extra support. The index has been a focal point for traders and investors, offering a glimpse into the health of the tech-heavy stock market. The buyers have been facing challenges, with a need for additional support to overcome the hurdles posed by sell traders.

Nasdaq (NAS100) Key Level

Resistance Zones: 15693.10, 14902.20
Support Zones: 14432.90, 13915.70

Nasdaq (NAS100) Long-Term Trend: Bearish

Taking a closer look at the daily chart, it becomes apparent that the bulls are gearing up for a reversal. However, a lack of buying power has somewhat hindered their progress. The NAS100 index is gradually approaching a critical level at 14902.20. Buyers must gather sufficient momentum to make a solid push forward.

The bulls had earlier shown strong buying vigor as they ventured toward the significant 16000.00 level. Yet, close to the beginning of September, they pulled back from their ascent near the 15693.10 key zone.

For weeks, the market consolidated around this key level, but eventually, the buyers lost momentum, allowing sellers to take control. By the end of September, the price had retreated to 14432.40. Now, the bulls are eyeing a resurgence. They would require extra support to make a meaningful difference.

The Price Oscillator momentum on the daily chart currently resides on the negative axis. It indicates a deceleration in the buying pace. To confirm a bullish reversal, a surge of buying vigor is needed to break through the 14902.20 significant zone.

Nasdaq (NAS100) Short-Term Trend: Bearish

Zooming in on the 4-hour chart, we observe that the bulls remain trapped below the critical 14902.20 level. Nevertheless, a breakout appears to be more likely soon. The momentum indicator in this shorter time frame continues to make progress. However, to truly bolster the buyers’ position, extra support is paramount.

 

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