Nasdaq is trying to stabilize above support 19/10/2023

Strong negative trading dominated the movements of the Nasdaq index yesterday after failing to maintain stability above the support level mentioned during the previous technical report at the price of 15,000, explaining that breaking it nullifies the activation of the upward tendency. We may witness a trading session tending to negativity, with an initial target of 14,955, recording its lowest level of 14,861.

On the technical side, we tend to be positive, relying on the index price trying to stabilize above the 14,830 support level within the Relative Strength Index’s attempts to obtain positive signals on short time frames.

We may witness a temporary upward trend to retest 15,000 and 15,050 in the coming hours. However, breaking 14,830 and, more importantly, 14,810 can thwart these attempts and lead the index to a strong decline that initially hit 14,710.

Note: The level of risk is high amid continuing geopolitical tensions, 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: 14810	R1: 15055
S2: 14710	R2: 15210
S3: 14550	R3: 15310