June 28, 2010

Nasdaq Composite index support zone


  • I have shown the Nasdaq composite indexes hourly chart above.
  • See how it trades in channels and now it is trading near the bottom of the main channel.
  • A Bounce from a range of  2185-2215 can be expected.
  • One should keep 2185 as stop loss because a close below 2185 means a large correction will follow.
  • But for now one should try to take a low risk high reward trade here with 2185 as stop loss on closing basis.

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