Nasdaq is trying positively 8/11/2023

Yesterday, the Nasdaq index experienced a surge in positive trading, defying the anticipated bearish trend outlined in our previous report. We had emphasized the importance of maintaining stability below the 15185 level at the time of our report’s release, and breaking above this threshold would invalidate the projected scenario, allowing the index to regain momentum, reaching an impressive high at 15335. This notable uptick compensated for previous selling positions.

Today, upon a closer examination of the 4-hour chart, we observe sustained positive signals. The support from the simple moving averages, coupled with clear indications from the 14-day momentum indicator, suggests a favorable outlook for the Nasdaq index.

If daily trading manages to stay above the 15200 mark, there is a potential for the index to resume its upward trajectory. However, this prospect hinges on the condition that the price consolidates above 15335, enabling the index to extend its gains. The initial target stands at 15380, followed by a more ambitious goal at 15470.

It is essential to note that any dip below 15200 could exert downward pressure on the index, leading to a retest of 15145.

Note: The current position of the Stochastic indicator in the overbought zone implies the possibility of fluctuations until a definitive trend emerges.

Note: Today, we anticipate impactful press talks, including speeches from ‘Federal Reserve Governor Jerome Powell’ and the ‘Bank of England Governor.’ These events may result in significant price fluctuations.

Note: Ongoing geopolitical tensions heighten overall risk levels, amplifying the potential for increased 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: 15145	R1: 15380
S2: 15005	R2: 15475
S3: 14920	R3: 15615