Nasdaq is trying to get positive signals 22/8/2023

The Nasdaq index reversed the expected bearish trend during the previous trading session. As a reminder, we indicated in the last analysis that the index’s breach of the 14,780 resistance level could thwart downside attempts. The index recovers temporarily to retest at 14,860, recording its highest level at 14,960, compensating the selling position.

From a technical point of view, today the current movements of the index are witnessing stability above the resistance of 14,860, accompanied by the RSI’s attempts to provide more bullish momentum.

Therefore, we may witness an upward trend during today’s trading session, noting that the breach of 14,960 is a catalyst that increases quickly and confirms the possibility of an increase, targeting 15,030 as a first target, and the gains may extend later to visit 15,140.

To remind you, the return of trading stability, with an hourly candle closing at least below 14,735, can thwart the bullish scenario and put the index under negative pressure, with an initial target of 14,555.

Note: Today, we are waiting for the summit of the “BRICS” group throughout the day, and we may witness high price fluctuations.

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: 14735	R1: 15030
S2: 14555	R2: 15140
S3: 14440	R3: 15320