The following is Technical Analysis for the Nasdaq ( NAS ) for 2/2/09Nasdaq Support & Resistance Levels - February 2, 2009
Resistance Levels: 1495, 1518, 1600, 1665
Support Levels: 1434, 1400
http://stockcharts.com/ - Chart
The Nasdaq closed below the 10 and 50 day moving averages once again as well as 1500. This is very bearish action. The next support level is the recent low of 1434.08. If we break through that low, I'd expect 1400 to be tested. I will be buying 1400 as this area held up well back in Nov and Dec and produced some nice rallies.
Overall, the action that we saw last week was very bearish...the test of 1600 failed, we couldn't hold both key moving averages for more then a day. There is just a lot of bad news and selling going on at the moment. For More Technical Analysis - Go Here
Overall, the action that we saw last week was very bearish...the test of 1600 failed, we couldn't hold both key moving averages for more then a day. There is just a lot of bad news and selling going on at the moment. For More Technical Analysis - Go Here
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