nasdaq premarket view 20 may 2013
nasdaq index on last trading session closed at 3499 with gains.on daily chart nasdaq is super bullish and in last 19 session holding week average and closing above it that shows demand in market.
on daily chart,nasdaq wee average is 3467 then month average support is 3380 while 3 month average support level is 3285 and last support from short term view.
for month of may,above 3445,consider nasdaq index super bullish and upside targets are 3560 and then 3620.below 3445 we may see sharp profit booking and correction upto 3270.
on monthly chart,trend is strong bullish for nasdaq ,and on 30 months channel we can see given breakout at 3200 and moving towards 3575.but indicators are in overbought zone on daily,weekly and even month charts so long side traders must trade with strict stoploss.