Nasdaq Composite Index: Having a hard time to get past Cloud Chart resistance zones! Risky times!

 Nasdaq Composite Index: Having a hard time to get past Cloud Chart resistance zones! Risky times!

After a great rebound rally from old Cloud Chart (CC) support zones below the cloud, the IXIC managed to break past the bottom end CC resistance zone! The cloud is quite thick so it will take a significant rally to break past this resistance zone.  

Recently the IXIC ran into trouble at old resistance zone of 11425/11445!   It consolidated the recent move and now testing the front CC support zone of 11181! There is still downside risk towards the bottom end of the cloud. If support holds at these key CC levels we can expect another rally attempt to break past resistance at the top end of the cloud! 

The good news is that price action is above the cloud on the 4 hour CC. Old cloud chart resistance levels still stood firm and there is downside risk towards the top end of the front end of the cloud. 

Currently testing support at 11181 zone with downside risk towards the 10846 and 10658! Any consolidation towards these key support zones can offer another few swing trading opportunities if support comes into the market at these key levels!