Noor Trends News, Technical Analysis, Educational Tools and Recommendations
In the previous session, the Nasdaq index recorded substantial gains, reaching the resistance level of 16065. It’s emphasized that this resistance is crucial for the continuation of the upward trajectory.
From a technical standpoint today, the simple moving averages continue to provide positive support, endorsing the ongoing upward movement. This is complemented by the index receiving positive signals from the 14-day momentum indicator.
Given the stability of intraday trading above the support level of 15890, and more broadly above 15830, the most likely scenario is an upward trend. This is contingent on witnessing the consolidation of prices above 16065, further reinforcing the strength of the upward trend. This sets the stage for the index to target 16150 as the first goal, with potential gains extending towards 16240.
On the downside, if trading stability returns below 15830, the index could experience negative pressure, leading to a retest of 15745.
A word of caution: High-impact economic data from the American economy is anticipated today, including the revised reading of the Consumer Confidence Index from the University of Michigan and a press talk by the Governor of the Bank of Canada. This could result in heightened price fluctuation.
Risk Warning: The level of risk is high amid continuing geopolitical tensions, and high price volatility may be witnessed.
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.
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