Nasdaq continues to lose ground 18/8/2023

The Nasdaq index achieved significant losses during the previous trading session within the expected negative technical outlook in the last technical report, touching the first official target of 14,770, approaching a few points at the second target of 14,660, recording its lowest level of 14,680.

Technically, we tend in our trading to be negative, but with caution, depending on the stability of trading below 14,880, and most importantly 14,900, the previously broken support, in addition to the continuation of the stability of the RSI below the mid-line 50, and the negative pressure of the simple moving averages.

Therefore, the bearish scenario remains the most likely during today’s session, targeting 14,650 first, and the losses may extend later towards 14,610 next stations.

The breach to the upside and the price’s consolidation above 14,900 can thwart the downside attempts, and the index begins to gain bullish momentum, aiming to retest 15,050/15,060 initially.

Note: The risk level may be high.

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: 14610	R1: 14880
S2: 14510	R2: 15050
S3: 14335	R3: 15150