Nasdaq Technical Analysis Report – 21-06-2020
Weekly Chart (9993.7)
This is Nasdaq weekly chart and we can notice its sharp and quick upward movement. Currently Nasdaq is trading near its all time high. As per Technical Analysis, we can expect some correction from its current levels. Nasdaq is trading near its resistance of 10000 levels and its support is around 9680 levels. The Index is trading near the upper trend line of its upward channel. And it seems like too much too fast. So purely on the basis of Technical Analysis, we are expecting some correction in its prices in the next few days. After analyzing the Stochastic Oscillator, we are expecting Nasdaq to depreciate from its current levels. Any fall below 9730 and 9490 levels may create selling pressure that may drag the Index further to 8450 levels. And any fall below 8450 levels may drag the Index to 6900 levels. Any breakout above 10150 levels may create short term buying pressure that may cause Nasdaq to appreciate further but chances are it may correct very quickly. And any such opportunity may be useful for intraday trading purpose only.
Major Support and Resistance:
Resistance: 10000, 10150
Support: 9730, 9540, 9490, 8450, 7690, 7095, 6900, 6690
Trading with proper stop loss (may be in between 50-70 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Major Support and Resistance:
Resistance: 10000, 10150
Support: 9730, 9540, 9490, 8450, 7690, 7095, 6900, 6690
Trading with proper stop loss (may be in between 50-70 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.