The following is Technical Analysis for the Nasdaq ( NAS ) for 11/30/08 & 12/1/08
Nasdaq Support & Resistance Levels - December 1, 2008
Resistance Levels: 1587.76, 1600, 1613
Support Levels: 1533, 1500
The Nasdaq continues to trend over key support of 1500. This is where i'd putting a stop order if I were trading stocks based on the Nasdaq. The Nasdaq cleared Wednesday's high of 1532.10 and If this continues to hold I think the Nasdaq will see a retest of the November 14th high of 1587.76. Then you would have strong resistance at 1600. On the Downside, i'm watching 1500, If we close under 1500, we will most likely retest the 10 day moving average which is at 1456 currently. If the Nasdaq closes below the 10 day moving average you will have selling pressure to the downside and we could go back to retest the lows of 1400 down to 1295. Bottom Line - Watch 1500 & 1533 on a closing basis. For more technical charts, Click Here
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