Short trends are down. COMP at support.

The stockmarket has turned down and I was forced out of my positions when NASDAQ Composite went under 2800. The short stockmarket trends are down and the longer ones hesitate. Now we have support areas around 2600 so if you want to go bargain hunting you may want to buy here with a stoploss just under 2600. Me, I will wait for a clearer trend.

Buy Signal. Strong Market Ahead.

We have got another buy signal now that we have broken the 2840 resistance on NASDAQ Composite, COMP. On 4/18/2011 we were close to the support level at 2700, but we were never under it.

So, if you followed me and bought on the rebound and used 2700 as your stoploss level you are still in the market. Now I lift my stoploss level to slightly under 2800. It looks like we could have a very strong market ahead.

Long Trend is Up. Buy on Weakness

The long trend for NASDAQ Composite, COMP, is up. The index, now at 2771, has a resistance area at 2815 to 2840. The support areas are around 2700 and around 2600. The strength in the long uptrend indicates that we will most likely break the resistance area and continue upwards. We may first have a test on the downside and that could be a good buying opportunity, especially if you are disciplined enough to always use stoplosses to protect your capital. So, I will buy on rebound and use a stoploss if we break under the 2700 support level. If that happens I will try again and buy closer to the 2600 level and have a new stoploss point slightly below 2590.

Stockmarket Trends Turns Up

Stockmarkets worldwide now look much stronger. Most trends are up and now it looks like they will stay mostly upwards. I´ll buy on dips. Stoploss on COMP if we go below 2700.

Will we break down?

We have tested the support at NASDAQ Composite(COMP) 2600 level and are now testing a resistance level at 2700. If we manage to break that resistance we have a new resistance area around 2724-2750 and 2800-2840. But, it looks like there is a high risk that we sooner or later will break downwards, below 2600, and test the support around 2450-2500. Be cautious...

Stockmarkets Hesitate

Meanwhile the long stocktrend still is up, the shorter trends hesitate more and more. On COMP, now at 2740, we have a resistance level around 2840. Right now though, it seems that the risk is much higher that we first go down and test the support levels around 2600 and 2500 before we break upwards.

The Long Stocktrend is Still Up

The long stocktrend is still up. We have support at COMP 2700, 2680 and 2645. In worst case we will go down to 2600 or around 2500. I buy COMP with stoploss if under 2645.