Nasdaq Continues its Upward Momentum 6/11/2023

The Nasdaq index demonstrated a strong uptrend in the last week of trading, surpassing the previously forecasted target at 15090 and reaching impressive heights around 15150.

From a technical perspective today, the outlook remains positive, as intraday trading remains stable above the support level of 14810. Positive signals are evident from the simple moving averages and the 14-day momentum indicator, indicating a favorable momentum.

In light of these factors, an upward bias is anticipated for the day, particularly if the index breaches the resistance level at 15150. In such a scenario, the first target stands at 15275, with potential further gains extending towards 15445 as the subsequent target.

However, a return to stability below 14800 would exert downward pressure on the index, potentially leading to a retest of 14570.

Please note that the Stochastic indicator is currently in overbought territory, indicating a degree of caution. Additionally, given the ongoing geopolitical tensions, a high level of risk and price volatility should be expected.

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: 14800	R1: 15275
S2: 14510	R2: 15445
S3: 14330	R3: 15745