Nasdaq Index; short term bounce could be a dead cat bounce.
The Index broke through the resistance area highlighted on the chart, as I pointed out in my previous post but crashed in Friday's session, erasing almost all its gains since bouncing at 8271.80.
The Index fell in Friday's trades quite close to its previous lows but bounced off at 83875.00 support line and made a last-minute rush towards the end of the session and managed to minimize its losses closing at 8573.80. The Index needs to hold at its current support at around 8387.50 to retest 8638.70 price level. The Index could continue further down to 8271.80 and 8081.50 if it fails at 8387.50
The Index fell in Friday's trades quite close to its previous lows but bounced off at 83875.00 support line and made a last-minute rush towards the end of the session and managed to minimize its losses closing at 8573.80. The Index needs to hold at its current support at around 8387.50 to retest 8638.70 price level. The Index could continue further down to 8271.80 and 8081.50 if it fails at 8387.50
