Nasdaq - Can It Hold The 1700 Level?

The Nasdaq(NDAQ) has been struggling to stay above the 1700 level as of late. It has been trading within a range of 1690 - 1740 in the past month, putting in a series of lower lows as the chart above clearly depicts this. The chart needs to be watched carefully as it could break out either side of the wedge formation.

The only bit of major news in the technology sector today is about the blue chip Cisco Systems (CSCO 23.32, -0.22, -0.94%)  slipped 0.5% after it reached a deal to buy Norwegian video-conferencing-services firm Tandberg for $3 billion.

Support levels are; 

1703, 1697, 1694

Resistance Levels are; 

1713, 1723 ,  1736 , 1740