Nasdaq Composite Index has seen some profit booking in last 2 weeks. Recent high at 15150.07 was not sustained with 15151 as mirror number ( I am always fascinated with such numbers). Incidentally the level of 75% of the range saw profit booking which was 14681.38. We need to sustain above this level to see further growth on the index.Supports at 14167.01 and 13915.95 as seen on chart.
First warning on weekly candle was a small body candle with big tail on upside and small tail on lower side. Always watch small body candles at the top or bottom of the range they can be useful to get momentum candles in the vicinity of them. Now observe the net weekly big bodied red candle with a gap down showing reversal on downside.Watch earlier swing high at 14446.55 for further clues. Again watch mirror image number at 14441 level.
We have had a 9 weeks run up on the inde. We are 2 weeks down. Next week will be important if we expand on downside or remain within 2 weeks range.
Happy Trading !!!
First warning on weekly candle was a small body candle with big tail on upside and small tail on lower side. Always watch small body candles at the top or bottom of the range they can be useful to get momentum candles in the vicinity of them. Now observe the net weekly big bodied red candle with a gap down showing reversal on downside.Watch earlier swing high at 14446.55 for further clues. Again watch mirror image number at 14441 level.
We have had a 9 weeks run up on the inde. We are 2 weeks down. Next week will be important if we expand on downside or remain within 2 weeks range.
Happy Trading !!!