Nasdaq Composite Index: Rebound rally running into old Cloud Chart resistance zone! Need to see a breakout past the 11683/11814 resistance zones!

 Nasdaq Composite Index: Rebound rally running into old Cloud Chart (CC)  resistance zone! Need to see a breakout past the 11683/11814 resistance zones! 

IXIC index rebounded more than 10% since finding support at the old CC support zone of 10262! The index pulled back after hitting the Standard line of the CC as well as getting closer to an old support zone that is now a new resistance zone on the CC  of between 11683/11814! Need to see a breakout past these levels towards the bottom end CC resistance zone! Reversal risk remain high at these key resistance zones!

The daily IXIC Cloud Chart (CC)  is in better shape since price action is above the cloud and that is bullish. Consolidation risk down towards the top end of the front end of the cloud remain a key risk factor in this rally. Key support levels to keep an eye on : 11177/10802! Trading strategy is to swing trade support rebounds towards key Cloud Chart resistance zones!