A TECHNICAL UPDATE ON NASDAQ COMPOSITE –26.9.2021

 

NASDAQ COMPOSITE

Open—14962.41--High—15067.56—Low—14947.65—Close—15047.70 on 24.9.2021.

Support:14984.68/14939.56/14896.47/14803.68/14753.93/14584.09/14530.07/14503.70/14424.33/14371.59/14178.66/13907.86

Resistance: 15085.44/15205.50/15288.05/15403.44

(Bold and underlined figures are most important)

It hit an all-time high of 15403.44 on 7.9.2021 and then started correcting and made a recent bottom of 14530.07 on 20.9.2021. It is still into corrective mode but pullback rally is on and it could come out of corrective mode if it closes above 15172.37 and sustain and thereafter if it moves above 15228.77 and sustain on the closing basis then it could retest it all-time high of 15403.44 or may go beyond it also. Moving up further from 15403.44 levels, it will face very stiff resistance in the range of 15430---15600(figures may change daily). It is important to mention here that some important technical indicators are showing distinct weakness on the daily & weekly chart as of now which is highly concerning therefore it seems that the up journey from here may not be smooth. Furthermore its long term uptrend threshold point range is between 14365---14206(figures may scale up every day) and sustained break below this range will potentially threaten the uptrend which may please be noted.

REMARKS: -- The long term trend is still up. The overall bias is mixed with slight tilt towards downside in short term as of now. Therefore it is suggested to be cautious particularly in the long trade at this point of 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.