Nasdaq100 (NAS100) Resumes Uptrend, Revisits Overbought Region

Updated:

Key Resistance Zones: 15000, 15500, 16000
Key Support Zones: 13500, 13000, 12500

NASDAQ 100 (NAS100) Long-term Trend: Bullish
NAS100 has been in an uptrend. The index has retraced after reaching the high of level 16469. The upward move has resumed after the retracement. The current retracement was caused by the overbought condition of the index. Meanwhile, on November 8 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that NAS 100 will rise but will reverse at level 1.272 Fibonacci extension.

NAS100- Daily Chart

Daily Chart Indicators Reading:
The index is at level 66 of the Relative Strength for period 14. The index is in a bullish trend and capable of an upward move. The 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend. The index price is above the moving averages after the retracement. Further upward movement is likely

NASDAQ 100 (NAS100) Medium-term Trend: Bullish
On the 4- hour chart, NAS100 is in a downward move. The index fell to level 16020 and resumed consolidation above it. Today, the index price rebounded above the current support to resume an uptrend. The market will rise as price breaks above the moving averages.

NAS100- 4 Hour Chart

4-hour Chart Indicators Reading
NAS100 is above the 80% range of the daily stochastic. The market is in the bullish momentum and it is approaching the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for NASDAQ 100 (NAS100)
NAS100 has resumed upward move after the minor retracement. However, the index is now trading and approaching the overbought region of the market. Sellers are likely to emerge to push prices down. .


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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.