Wednesday, August 3, 2011

Trade Guideline for Thursday (NQ)

Wednesday was a reversal bullish day, with capitulation decline in the morning that was quickly reversed to close in a positive territory at key resistance level.

For Thursday I will will use 2314 - 2316 as key resistance level and 2295 - 2297 area as key support.
  • Above key resistance I will look for a rally up to 2330 then 2345 - 2360
  • Below key support zone, I will look for a test of Wednesday low, then 2340, and if it is going to be a very bearish day I will look for a decline down to 2200.