Nasdaq is stable below resistance 28/9/2023

The Nasdaq index declined yesterday within the bearish context published during the technical report issued yesterday, touching the first official target to be achieved at 14,460, recording its lowest level of 14,430.

On the technical side today, with a closer look at the 4-hour chart, negative pressure still comes from the simple moving averages and negative signals on the Stochastic indicator.

Hence, with the stability of intraday trading below the resistance level of 14,640, and, more importantly, 14,680, the bearish scenario remains the most preferable during today’s session trading, targeting 14,450, and breaking the aforementioned level to extend the index’s losses as we wait for 14,320.

Only from above, the return of trading stability and price consolidation above 14,680 will immediately stop the proposed bearish scenario and lead the index to retest 14,790, followed by 14,920.

Note: Today we are awaiting high-impact economic data issued by the American economy, the final reading of the gross domestic product and Federal Reserve Chairman Jerome Powell speech, and we may witness high price volatility.”

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: 14445	R1: 14680
S2: 14320	R2: 14790
S3: 14210	R3: 14920