Nasdaq extends its gains 19/7/2023

Remarkable gains witnessed the movements of the Nasdaq index within the positive outlook, as we expected, touching the profit-taking area published during the next technical report at 15,870, recording its highest level at 15,897.

On the technical side today, we tend in our trading to be positive, relying on trading stability above the 50-day simple moving average, in addition to the positive signals from the 14-day momentum indicator.

From here, with the price consolidating intraday above 15,740, and most importantly 15,660, the bullish bias is the most preferred, targeting 15,950 as the first target, and breaching it increases and accelerates the strength of the bullish daily trend, paving the way for the index to visit 16,070.

We remind you that the return of trading stability again below 15,650 will immediately stop the expected bullish trend and put the index price under strong negative pressure, targeting 15,480

Note: Today we are awaiting high-impact economic data issued by the US economy, “housing starts,” and the report issued by the International Energy Agency on oil stocks, and we may witness high volatility 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.

S1: 15655	R1: 15950
S2: 15480	R2: 16070
S3: 15360	R3: 16250