A TECHNICAL UPDATE ON NASDAQ COMPOSITE –27.1.2025

 

NASDAQ COMPOSITE

Open—20087.11--High—20118.61—Low—19897.13—Close—19954.30 on 20.12.2024.

Support:19930.05/19825.63/19814.95/19641.34/19403.90/19310.79/19168.38/19117.59/18831.91/18670.81/18598.87/18083.98/17770.62/17496.44/17033.96/16668.57.

Resistance:20007.11/20070.08/20118.61/20204.58/20578/20729/21053.

Technically it is on a very strong footing but critically poised and the critical points now are 19930.05---19825.63---19814.95. Please note that if it sustain above 19930.05 on the closing basis then it can retest its all-time high of 20204.58 or may go beyond it also and if it sustain above it on the closing basis then the possible upside target could be 20578---20729---21053 or more, but if it breaks & sustain below 19825.63 & 19814.95 on the closing basis then it will trigger correction again will slide down. It is important to mention here that although the chart setup is very good but it had a vertical rise from 18831.91 to 20118.61 in just 9 days and most importantly it is showing negative divergence on the weekly chart and in overbought zone on the daily, weekly & monthly chart, therefore it seems highly vulnerable for correction at this juncture, so, it may correct provided it fall below the range of 19930.05---19814.95 and sustain on the closing basis. The short, medium & long term trend is up as of now.

Please note that if it gets into correction and moves down sharply then the  most critical support points would be at 19403.90---19310.79 & 19144.58, if it breaks & sustain below 19403.90 & 19310.79 on the closing basis then it will make the chances of a sustained up-move dim in the year 2025 and finally if it breaks & sustain below 19144.58 on the closing basis then it will get into deep correction mode and may seek much lower levels.  

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 review, 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.