NASDAQ monthly-5265 is critical support zone

NASDAQ December 2016 outlook

NASDAQ December 2016 outlook

NASDAQ index on last trading session closed at 5255 with heavy loss. NASDAQ in now entered into bearish trend and closed below major pivot support of 5265.   NASDAQ futures below 5265 remain weak and sell on rise. On downside 5125 and 4895 are support zones as well as target zones for this bearish moves. Though daily chart indicators approaching oversold zones, I expect NASDAQ downside up to 5125 and then strong short covering rally in month of December.   On weekly closing above 5265, expect trend reversal and upside short to medium term targets for NASDAQ at 5495 and then 5635. From long term view, NASDAQ is facing strong resistance at 5415 which was its first long term target. But is in strong bullish trend. Watch for breakout above 5415 on weekly closing basis and expect next long term target at 5795.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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