Nasdaq melts as 18,445 fails to hold – Support 17,850-17,750 in sight

Poor results from Super Micro Computers triggers sell off.
Bears hammer 18445 day high.
Nearest Support is 17850 & 17750.

Sunil Kumar Dixit SK Charting

Disappointing Quarterly results from Super Micro Computers triggered sharp sell-off in Nasdaq which acted as catalyst for rejection from day high 18845 which works as turning point for prevailing recovery rally and the tech index is seen melting to 17913, at striking distance from previous day low 17882.

If 17882 is breached, next immediate downside may come at 17750.

Immediate resistance is seen positioned at 18180 followed by 18260 which needs to be reclaimed for resumption of recovery rally while strong break above 18445 will affirm resumption of short term rebound.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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