An Important Week For The Nasdaq Composite!
Last week has been a bullish continuation for the Dow but a terrible week for the Nasdaq Composite as it corrected back down to its 50 days moving average support level on lacklustre Q2 earnings performance outlook by tech giants. Oil also staged a slight rebound late last week as it landed on a strong $50 support level.
This week is going to be a very critical one for the Nasdaq Composite. If it drop below its 50 days moving average, it could go all the way down to test the 2400 level and failing which, it could laspe into a full scale bear trend. With people like Cramer shouting "SELL THE TECHS" everyday, its little wonder why everyone is panicking despite good Q1 earnings.
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This week is going to be a very critical one for the Nasdaq Composite. If it drop below its 50 days moving average, it could go all the way down to test the 2400 level and failing which, it could laspe into a full scale bear trend. With people like Cramer shouting "SELL THE TECHS" everyday, its little wonder why everyone is panicking despite good Q1 earnings.
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Labels: fundamental analysis, investment, share market, stock market, stocks, technical analysis
posted by Jason Ng at 7:42 PM
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