After 50 % up move nasdaq is showing some fatigue. No index stock make o e side up m94ve or Down move it always retrace after 25% or 50 %. Nasdaq is showing signs of retracement.
1 distance b/w 20 and 50 Denma is 1000.
2 Nasdaq had broken 1st support line.
3 Nasdaq is half way to 0.218 retracement level which is @4197.
So 4197 is imminent.
NDX Nasdaq daily candle analysis
buy near 12250
stop loss 11790 target 14260
around 16% upside possibility with strict stop loss 11790 on closing basis
NASDAQ is forming CUP Pattern on Daily Charts & the breakout will give Boost for more upside.
Targets 30-40% upside in 1-1.5 Years
This should give Boost to Indian IT Index ... Expecting New Rally to start on Indian IT stocks with 40-50% upside in coming 1-1.5 Years.
Top Picks in IT Packs are:
TCS
BirlaSoft
Persistent
The Nasdaq symbol is in a bullish channel on the daily time frame. It is currently below the important resistance of 61 Fibonacci. And we expect to react to this resistance and correct the price up to 13,615. And if this resistance is broken, the target is 15,380
Seems like a textbook Wave with ABC being completed after the 12345. In the larger scheme, once the 200ema is negotiated - this could be heading much higher
