A TECHNICAL UPDATE ON NASDAQ COMPOSITE –4.7.2021

 

NASDAQ COMPOSITE

Open—14586.44--High—14649.11—Low—14555.34—Close—14639.33 on 2.7.2021.

Support:14439.40/14206.83/14196.21/14167.15/14062.50/13960.04/13907.86/13845.47/13698.67/13678.77/13072.33/13002.54.

Resistance: 14667/14843/14910/14951/15027/15261/15664/16155/16319/17031/17105.

(Bold and underlined figures are most important)

It is on a very sound technical footing and hitting new all time high every other day. It is exhibiting tremendous strength for the continuation of the up move. Moving up from here its resistance or target points could be at---14667---14843---14910---14951---15027---15261---15664.  Similarly going down its important and critical support points would be at-14439.40---14260.52---14117.62(last two figures will scale up whenever it hits new all time high).Please note that sustained break below 14439.40 will slightly weaken it, sustained break below 14260.52 on the closing basis can put it into very short correction mode and sustained break below 14117.62 will push it into deep short term correction mode.

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.  

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.