Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Nasdaq index incurred significant losses yesterday, aligning with the anticipated bearish trend outlined in the previous technical report. It touched the initial target of 16,700 and approached the second target of 16,650, reaching its lowest point at 16,670.
From a technical perspective today, the outlook remains negative, as the simple moving averages continue to exert downward pressure on the price from above. Additionally, negative signals from the Relative Strength Index contribute to the bearish sentiment.
The likelihood of a continued downward trend in the coming hours remains, targeting 16,670 as the initial station. Breaking this level would intensify and accelerate the strength of the downward trend, with the next target set at 16,560.
If the index consolidates above 16,895, stability in trading, and price consolidation, it could signal a return to the official upward trajectory. In such a scenario, the targets would start at 17,005 and extend to 17,110.
Warning: Today, we are anticipating highly impactful economic data from the American economy, including “retail sales” from the United Kingdom and “annual consumer prices.” Expect heightened price fluctuation during the news release.
Warning: The risk level is high amid ongoing geopolitical tensions, and there is a potential for increased 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.
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