Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading was evident in the Nasdaq index during the initial trading sessions of the week, surpassing the previous official target set in the last technical report at a price of 17585 and reaching its peak at 17625.
From a technical standpoint today, the upward trend remains the most likely scenario, supported by the ongoing positive influence of the simple moving averages and the stability of trading above the 17425 support level.
Therefore, potential opportunities for further increases are anticipated, contingent upon a clear and robust breach of the resistance level at 17625. Such a breakthrough would extend the index’s gains, with the first target set at 17700 and the subsequent official station at 17800.
A decline below 17425 would defer the prospects of an ascent, leading to a bearish trend aimed at retesting 17250 before potential recovery attempts.
Warning: High-impact economic data related to the US economy, specifically the “Consumer Confidence Index,” is expected today. Consequently, we may witness heightened price fluctuation at the time of the news release.
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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