Nasdaq continues to post losses 27/10/2023

The Nasdaq index reached the first target required to be achieved during the previous technical report at 14045, recording its lowest level of 14054.

On the technical side today, we are leaning towards negativity, relying on the stability of trading below the resistance levels of 14,300 and, most importantly, 14,330, in addition to the clear signs of negativity on the Stochastic indicator.

We are leaning towards negativity in the coming hours, aiming to retest 14,060 as the first target, knowing that breaking the aforementioned level will extend the losses as we wait for a visit to 13,895.

Only by crossing upwards and rising above 13,330 will the index reduce its losses, initially towards 14,380, and attempts to rise may extend towards 14,480.

Note: Today we are awaiting high-impact economic data in the US, the Core Personal Consumer Expenditure Price Index and we may witness high 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: 14060	R1: 14380
S2: 13895	R2: 14535
S3: 13740	R3: 14695