NASDAQ: Latest Weekly Outlook
The strong rebound from 11268 (38.2% Fibonacci level of retracement from 12229 high to 10674 low) gained affirmation 11452 (50% Fibonacci level) gave green signal and the tech index advanced towards the next leg higher 11635 reaching out to 11615
Going forward, reaction to 11635 resistance should be closely monitored as some pull back towards 11550 and, if some profit booking pushes prices down, even to 11450 may be witnessed.
However, if buyers step in around support areas, uptrend is very likely to resume aiming to retest swing high 11687 and advance towards 11720-11820 followed by next leg higher 11896
Should the current bullish momentum sustain above 11900, we can expect final tally of 12160 which will be a turning point and a make or break level in NASDAQ for mid term.
Going forward, reaction to 11635 resistance should be closely monitored as some pull back towards 11550 and, if some profit booking pushes prices down, even to 11450 may be witnessed.
However, if buyers step in around support areas, uptrend is very likely to resume aiming to retest swing high 11687 and advance towards 11720-11820 followed by next leg higher 11896
Should the current bullish momentum sustain above 11900, we can expect final tally of 12160 which will be a turning point and a make or break level in NASDAQ for mid term.
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