Nasdaq is resting on support 14/7/2023

The Nasdaq index achieved the bullish targets required during the technical report for yesterday’s session at 15,600, recording its highest level at 15,603.

On the technical side today, we are positive in our trading depending on the positive impulse from the simple moving averages, the positive momentum signals from the 14-day momentum indicator, and the positioning of the stochastic around the overbought areas.

From here, and with the price consolidating intraday above 15,450 and generally above 15,410, the bullish bias is the most favorable, targeting 15690 as the first target and then 15790 next station.

The return of trading stability again below 15,400 will immediately stop the expected bullish trend and put the index price under strong negative pressure, targeting 15,220.

Note: the risk level is high.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “the preliminary reading of consumer confidence,” and we may witness high volatility during 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: 15405	R1: 15690
S2: 15220	R2: 15790
S3: 15120	R3: 15970