Results 1 to 5 of 5
Nasdaq Composite - Technical Analysis
NASDAQ COMPOSITE (USA)
Sept 24, 2012
Watch Video at http://youtu.be/_C0SnxXBygU
After buy signal @ 2784 we saw a strong up move to 3134. From there a downward move came and took strong support at the support line as expected. From there another bounce back was seen and new high is touched.
Nasdaq has held key breakout support at 3159/49 and the expected break above 3190 has been seen and we stay bullish for 3228 initially, and eventually our 3320/25 main objective, the 61.8% retracement of the entire 2000/2002 bear market.
We would Trading Look? for better selling to show here. Near-term support shows at 3193, ahead of 3159/49. Below 3129 can see a deeper retreat back to 3095. Holding a long. Add on weakness to 3150, stop below 3129. Reverse longs to a short on strength to 3320/25, stop above 3345.
The Nasdaq has extended its initial rejection from channel resistance now at 3249/50. Better support is expected at the 13-day average now at 3182, and we look for a rally from here to retest the flagged channel hurdle. Above here would see the uptrend extend to test our 3320/25 main objective – the 61.8% retracement of the entire 2000/2002 bear market. We Trading Look? for better selling to show here.
A direct break can target 3400 next. Below of 3182 is needed for deeper sell-off to 3159/49, but removal of 3148 is required for a top. Holding a long. Add on weakness to 3182, stop/reverse below 3145.
Reverse longs to a short on strength to 3320/25, stop above 3345. Below 3145 should see weakness extend back to 3110/00, where we would cover shorts.
