Nasdaq Composite Index breaks resistance level at 6838.70 and progress to 8878.00
|In this article, I will look at what is going on with the Nasdaq Index and also review the prediction I made in my last update.
Nasdaq surged at the last hour of its previous session as we can visibly see on this chart and was the only Index closed above its opening price point.
So what's going on with Index? Today we saw the Index open just above 8638.70 and advanced to 8762.50 which I mention in my last update, that these are essential price points to look out for in today's session.
The Index is currently trying to hold at the current resistance level and will only progress further if it holds above 8762.50. This estimate is calculated according to the recent price action. As I said in my last update, we don't know what the market is going to do next, but we can look at historical data and more importantly its current price action to try and determine its next move.
The current trading condition is not suitable for the faint-hearted. The market could move aggressively to the upside, and retreat as we have seen many times in the past. If you decide to get in, make sure you have a trading plan to avoid getting traped.
The next level to look out for is around 8878.00, 8961.70, and 9070.00.
Support remains at 8638.70, 8387.50, 8271.80, 8081.50.
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