Nasdaq gives up its gains 25/8/2023

The Nasdaq index reversed the expected bullish trend during the previous report after it failed to breach the resistance published in the last analysis at 15,350, to return to the bottom quickly. As a reminder, we indicated yesterday that the return of trading stability below 15,050 can thwart the bullish scenario and lead the index to retest 14,910 & 14,760, Recording a low of 14,770, compensating the buying position.

On the technical side today, with the return of trading stability below 14890, accompanied by the negative pressure from the simple moving averages and the negativity of the 14-day momentum indicator.

Therefore, there may be a possibility to resume the decline that started yesterday, considering that confirming the breach of 14,770 increases and accelerates the strength of the bearish trend, paving the way directly for a visit to 14,590.

As a reminder, the return of trading stability below 14,950 can thwart the bullish scenario and lead the index to retest 15,185.

Note: Today, we are awaiting economic data from “The Jackson Hole Economic Forum”, “Speech by Lagarde, President of the European Central Bank” and “American Consumer Confidence from the University of Michigan”, and we may witness high volatility in prices.

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: 14590	R1: 15185
S2: 14385	R2: 15570
S3: 13995	R3: 15780