IXIC index CMP 13550 Today index registered high around 13594 levels. Ascending parallel channel resistance around 13580-13630 levels. Bearish divergence on RSI, with respect to price. Index if not able to sustain at higher levels, can give sharp reversal. 1000-1300 lower side possible as per channel structure. Bulls time to be cautious
Nasdaq may fall 1.2-2% from Cmp Bullish Shark PRZ - 12952/12969 Bullish Alt Shark PRZ - 12848 SL - 12760 Target - 13108/ 13160
Perfect Bearish Shark / Alt Bearish Shark Sell Nasdaq Between 12156 - 12399 SL - 12541 Target - 11850 / 11650 / 11500
I deliberately have posted ONLY WEEKLY @ Medium term charts because hourly/ daily charts will create a Lot of Noise and Cause confusion/Panic amongst the Community ......
Publishing herewith my idea about the Nasdax using day TF
NASDAQ Trgs mentioned on chart . Follow the price trajectory from angle to angle.
Nasdaq breakout retest done. Good consolidation and trendline breakout.
Nasdaq formed the Pennant (bearish) pattern on the charts. Target of 9722 will be seen in coming months.
Nasdaq can have a similar upmove as nifty today. Note this analysis is for really really short term; long term trend is still bearish.
-can see cup and handle formation on charts one way target if breaks would be 5% -feds stance will act as a trigger (break out or breakdown) -2nd opinion even if trendline is breaken the minimum target would be 5% acc to some books on tech analysis.
Index in a downward regression channel immediate support at 10900 while upward journey could go towards 13114
Index have historical resistance around 1186-11230 range , where index have made top and reversed , so if same resistance levels is respected , index will give sharp fall of 600-800 points fall from resistance zone. view gets negated above 11250 on daily closing basis keep watch index is at resistance juncture..
Nasdaq index is in bounce mode taking support 02nd time near 10290. It may test 10850 and 11111 soon. Bullish Divergence seen on chart. Indian It stock also can bounce
Buy Now NYSE !!! Because bottom is form !! LONG IXIC component !!!!
Nasdaq on day chart has formed Head and shoulder pattern and may fall very fast in case of bad news..... the Stop loss will be 9/20 High in case of trend reversal. Hope this doesnt happen. On weekly there is inverted cup and handle pattern forming. I wish it doesnt fall so much.