Nasdaq is facing negative pressure 16/8/2023

The Nasdaq index failed to breach the pivotal resistance level published during the previous report, located at 15,280. It returned to trade below 15,110, explaining that breaking this level leads the index to a bearish direction, as its targets start at 15,050 and then 14,860, recording its lowest level at 15,012.

Technically, we tend in our trading to be negative, but with caution, depending on the stability of trading below 15,100, the previously broken support, and in general below 15,200, in addition to the continuation of the negative pressure of the simple moving averages that continue to pressure the price from above.

Therefore, the bearish scenario remains the most likely during today’s session, targeting 14,945 as a first target, and the losses may extend later towards 14,850 unless we witness the price consolidation above 15,100, and most importantly 15,200.

Crossing above 15,200 can thwart the downside attempts, and the index gains bullish momentum to visit 15,360.

Note: Today we are awaiting high-impact economic data issued by the US economy, “the results of the Federal Reserve Committee meeting,” and we may witness high price 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: 14945	R1: 15200
S2: 14850	R2: 15360
S3: 14690	R3: 15460