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From : International Equity Index Daily Hotline: 16 April 2014
Chart of the day: NASDAQ Composite

The NASDAQ Composite, having retraced from its early March peak, has found some support at the 4,000 level as it approaches oversold on the RSI. We anticipate an upmove on the correction in the near term, but note that the index may now be making a top formation after it broke the 100-day EMA line earlier this month. We therefore watch for a break back above this level for confirmation of the uptrend.

A failure at current levels would likely give way to a further sell-off, potentially towards the next horizontal level at 3,800.

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