Nasdaq extends its losses 14/8/2023

As expected, the Nasdaq index achieved significant losses within the bearish technical outlook, touching the official target during the past beer trading at 15,010, recording its lowest level at 14,960.

Today’s technical side indicates the possibility of continuing the decline, relying on the negativity of the simple moving averages that pressure the price from above and is stimulated by the clear negative signals on the RSI on the short-term frames.

From here, with the stability of trading, the previously broken support, which is now transformed into a resistance level, the bearish direction is the most likely during today’s session, targeting 14,895 and then 14,810 as the next station, as long as trading is stable below 15,135.

To remind you that the price’s consolidation once again above 15,135 can completely fail the suggested scenario and lead the index to recover temporarily to retest 15280.

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: 14895	R1: 15135
S2: 14810	R2: 15285
S3: 14660	R3: 15375