Noor Trends News, Technical Analysis, Educational Tools and Recommendations
An upward trend dominated the movements of the Nasdaq index yesterday within the general bullish context expected during the technical report issued last Friday, recording its highest level of 16910.
On the technical side today, we are leaning towards positivity, relying on the index continuing to receive positive stimulus from the 50-day simple moving average, in addition to the clear positive signs on the 14-day momentum indicator.
From here, with the stability of trading above 16800/16810, the upward trend remains valid and effective, targeting 16930 as the first target, and breaching it increases the strength of the upward trend, so that the path is directly open towards 16980, and the gains may extend later towards 17050.
From below, the return of trading stability below the support floor of 16810 invalidates the activation of the proposed scenario and puts the index under negative pressure with a target of 16730.
Warning: The risks are high and may not be proportional to the expected return.
Warning: 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.
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