Monday, July 18, 2011

Trade Guideline for Tuesday (NQ)

Monday was another non-trending consolidation day. What NQ will do on Tuesday depends on where it trades in relation to the key level. On Tuesday key Level to watch for is 2340 area.
  • Above 2340 is bullish, implies a rally move up to 2360. A sustained break above 2360 has the potential to trigger a short-covering rally that can propel price movement up to 2380 area.
  • Below 2340 is bearish, implies a likely decline down to test Monday's low of 2320 area. A sustained break below 2320 may trigegr a long-covering that can tank the market down to 2300.