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 holds above level 14500. The index has retraced to the low of 14599 but it is pulling upward. The uptrend will resume if level 15000 support holds. Meanwhile, on March 30 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 15705.
Daily Chart Indicators Reading:
NAS100 is at level 57 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: Bearish
On the 4 hour chart, the NAS100 price has fallen below the moving averages. The index is resuming upward as it falls to the oversold region. The upward movement will continue if price breaks above the moving averages. However, NAS100 will decline further if it faces rejection at the moving averages.
4-hour Chart Indicators Reading
NAS100 is below the 20% range of the daily stochastic. The index has fallen to the oversold region of the market. The current selling pressure is likely to subside as buyers emerge from the oversold region. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.
General Outlook for NASDAQ 100 (NAS100)
NAS100 is in the uptrend zone as it holds above level 14500. The uptrend will continue as the market approaches the overbought region. The current uptrend is likely to continue if the current support is at level 15000 holds.
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