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B. Krishnakumar

AFTER a strong opening, the sentiment at the American stock market turned bearish towards the close of the week gone by. Led by General Electric Company, the US stock markets staged a sharp spurt on Monday. All the three benchmark indices managed to record sharp gains on Monday.

However, the initial optimism fizzled off as the week progressed. The not so impressive economic data coupled with profit warning from Walt Disney affected market sentiment towards the close of week. In the near term the Nasdaq Composite Index could see some sideway movement. A break above the immediate resistance at 1360 could pave way for a rally towards 1450 mark. However, the index would find it difficult to break the next resistance level at 1450.

(Note: The analysis and opinion expressed in this column is based on the technical analysis of the past price behaviour. Analysis and price targets are based on Elliott Wave and Point & Figure techniques. There is a risk of loss in trading)

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