Technical Analysis Of NYSE Composite Index In Daily Timeframe

19 May

(1) After the breakout of the Rounding Bottom pattern, price has given a sharp upside rally and reached to its previous All Time High at near 18,340.

(2) After that, a sharp correction has been seen, which was quite natural. Price took support at near 17,380 level.

(3) Then with a strong up move, price made a fresh All Time High at near 18,400 level.

(4) 18,330 level will act as an immediate support level for the price and It is expected that the price will go up again from this level and achieve new highs.

(5) The overall sentiments will remain positive until the price is trading above the 17,380 level.