Nasdaq continues the upward push 30/8/2023

There was a noticeable surge for the Nasdaq index during the previous trading session, achieving significant gains as we expected, surpassing the official target published in the last technical report at 15,180, recording its highest level at 15,430.

On the technical side, the daily trend is still bullish, relying on the confirmation of breaching the resistance level of 15,130, which turned into support, in addition to the continuation of the RSI’s defence of the bullish direction.

Therefore, the bullish scenario remains valid and effective, knowing that the breach of 15,430 extends the gains of the index, waiting for the 15,550 first target, and then 15,600 next official station, whose targets may extend later towards 15,700.

We remind you that the return of trading stability again below 15,130 nullifies the activation of the suggested scenario completely, and we are witnessing a trading session in negative areas with an initial target of 14,860

Note: The risk level may be high.

Note: Today, we are awaiting high-impact economic data issued by the US economy “ADP Employment Change” and “the preliminary reading of the GDP” quarterly, and we may witness a high fluctuation in prices at the time of the news release.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 15130	R1: 15550
S2: 14860	R2: 15700
S3: 14710	R3: 15970