Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Nasdaq index experienced a positive trading session in line with the anticipated bullish context from the previous report, achieving the specified target for yesterday’s session at the price of 16330 and reaching its highest level at 16388.
From a technical standpoint, our inclination is towards positivity, exercised with caution, contingent on the stability of intraday trading above the 16240 resistance. This positive outlook is supported by the index receiving a favorable stimulus from the 50-day simple moving average and propelled by positive momentum signals.
As a result, the upward bias is our preferred scenario for the day. Consolidation of the price above 16390 is anticipated to pave the way for a visit to 16450 as the initial target, with potential gains extending towards 16530.
It is crucial to note that a return to daily trading stability below 16240 has the potential to completely disrupt the proposed scenario, subjecting the index to robust negative pressure with a target at 16095.
Two warnings accompany this analysis: Firstly, risks are deemed high, urging caution in trading decisions. Secondly, today brings the anticipation of high-impact economic data from the US, including inflation numbers via the “Producer Price Index,” a Federal Reserve Committee statement, a Federal Reserve press conference, interest rate decisions, and economic forecasts. This may lead to significant price fluctuations at the time of the news release. Exercise prudence in navigating these potentially dynamic market conditions.
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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