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SUPPORT & RESISTANCE


Next Support for the Nasdaq

10/10/00 03:24:23 PM
by Jayanthi Gopalakrishnan

Given the current weakness of the technology sector and the typical October activity, many may be thinking that you can't go wrong buying at these prices.

Security:   $COMPQ
Position:   N/A

The weakness of the tech-heavy Nasdaq composite has raised concerns among many investors. It looks like the bubble did burst and now it's a matter of either holding on to open positions in the hopes they will recover or consider entering positions at a bargain hoping they will produce the returns they once did.

The Nasdaq composite does not look good and the possibility of it going even lower is possible. The next support area for the Nasdaq composite is between 3000 and 3200. Its performance over the next couple of weeks is critical, especially its action in the support area, if it hits that level. I will be watching this area like a hawk. A dip below it could mean further declines. Unfortunately, at this point it is difficult to say when to expect a reversal of the current trend, so the only thing you are looking out for is further declines.

The next support area for the Nasdaq composite is between 3000 and 3200.
Graphic provided by: Tradecast Securities, Inc..
 



Jayanthi Gopalakrishnan


Title: Editor
Company: Technical Analysis of Stocks & Commodities
Address: 4757 California Ave SW
Seattle, WA 98116
Website: Traders.com
E-mail address: Jayanthi@traders.com

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