Nasdaq Consolidates Gains 15/11/2023

The Nasdaq index registered substantial gains during the previous trading session, aligning with the anticipated bullish trend. It reached the official target price of 15800, peaking at 15862.

From a technical perspective, our outlook remains positive, based on the supportive momentum from the simple moving averages and the distinct positive signals from the 14-day momentum indicator.

Given this, as long as intraday trading persists above 15740, an upward bias is the most likely scenario for the day. The first target is set at 15980, with potential gains possibly extending towards 16110.

Conversely, a return to trading stability below 15740 would delay the chances of a rise, leading to a retest of 15610 before any potential ascent.

Caution: Today, we anticipate high-impact economic data releases from the US economy, including the Producer Price Index, Retail Sales, and New York State Manufacturing Index. From the UK economy, the Annual Consumer Prices will be released. These data releases may result in significant price fluctuations.

Note: The risk level is high due to ongoing geopolitical tensions, which may cause significant 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: 15610	R1: 15980
S2: 15355	R2: 16110
S3: 15230	R3: 16360