NASDAQ Surges Ahead but Reaches the Overbought Region at 14317

Updated:

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

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 is in an uptrend as it reaches the overbought region at 14317. Buyers attempt to push the index above the moving averages. The bulls have broken above the 21-day line moving average and are at the point of breaking the 50-day line moving average. A break above the moving averages will catapult the index to the high of level 15200. The index will further rise to level 16200 if buyers overcome the initial resistance. However, the index is trading in the overbought region. The current uptrend may face rejection.

NASDAQ Surges Ahead but Reaches the Overbought Region at 14317
NAS 100 – Daily Chart

Daily Chart Indicators Reading:
NAS100 is at level 55 of the Relative Strength for period 14. NASDAQ is trading in the bullish trend zone and capable of a further upward move. The index’s price is still between the moving averages. This will cause it to fluctuate between the moving averages. The 50-day SMA and the 21-day SMA are sloping downward indicating the previous downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4 hour chart, NAS100 is in an upward move. The market has reached the high of level 14317. The current trend has reached the overbought region of the market. Meanwhile, on March 16 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that NAS 100 will rise but reverse at level 1.272 Fibonacci extension or level 14203.

NAS100 3 Hour Chart.png
NAS100 – 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. Since March 15, the index has been in the overbought region. There is a likelihood of it declining to the downside as sellers emerge in the overbought region.

General Outlook for NASDAQ 100 (NAS100)
NAS100 is recovering from the previous downtrend as it reaches the overbought region at 14317. The bulls have to break above the moving averages convincingly to regain bullish momentum. However, a further upward move is doubtful as the market reaches the overbought region.


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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.