Nasdaq | Analysis for Dec Series

NDX is showing first signs of profit booking currently. Driven by hopes of vaccine , it has shot up significantly but unable to cross the resistance of 12200-12400. This will only cross by significant economic boost or positive bottom line impact from top firms. In this case it can blast off 200-400 points from current levels before consolidating.

In case it fails to break this in the short term, it will nosedive to test the support levels marked in chart.
1st Support level : 11650
2nd Support level : 11000
3rd Support level : 10700

Considering the move in the recent weeks, it is very likely NDX will create higher lows and would be a great point of long entries.
Contra traders can hedge and trade the short side as well.

Comment:

NDX going up in short term as described. we need to keep close watch now