Thursday, May 24, 2012

Trade Guideline For friday (NQ)

A choppy non-trending day on Thursday, as NQ remained inside prior day trading range. The 60-min chart is currently showing a bullish triangle, and a break above Thursday's swing high could trigger a short-covering rally, targeting 2595-2600.

Bellow Thursday's low implies a failed 60-minute triangle pattern, first target down is 2480. If 2480 does not hold as support, it could lead to a fast liquidation decline.