NASDAQ100 Is in a Downward Correction, Faces Rejection at Level 14200

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

NASDAQ 100 (NAS100) Long-term Trend: Bearish
NAS100 index is in a downtrend but faces rejection at level 14200. The index upward correction is facing rejection at the 21-day line moving average. This implies that NAS100 is likely to further decline to the downside. Meanwhile, on January 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that NAS 100 will fall to level 1.618 Fibonacci extension or level 11841.60.

Daily Chart Indicators Reading:
NAS100 is at level 40 of the Relative Strength for period 14. It indicates that NAS100 is in the downtrend zone and below the centerline 50. The index price is below the 50-day line SMA and the 21-day line SMA which indicates a possible downward move. The 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

NASDAQ 100 (NAS100) Medium-term Trend: Bearish
NAS100 is earlier in a sideways trend. Buyers were attempting to break above level 14400 but were resisted. The index has broken below the moving averages indicating a further downward move.

4-hour Chart Indicators Reading
The index has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The current selling pressure is likely to subside as the market reaches the oversold region.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed a downward move but faces rejection at level 14200. The selling pressure is likely to subside as buyers emerge.

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