Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Nasdaq index experienced notable gains during the initial trading sessions of this week, surpassing the positive targets outlined in the previous technical report at a price of 15930, and reaching its highest level at 16064.
From a technical perspective today, the simple moving averages continue to offer a positive incentive, supporting the ongoing upward trajectory. The index is further bolstered by receiving positive signals from the 14-day momentum indicator.
Given that daily trading remains above the support level of 15865, the most probable scenario is the continuation of the upward trend. This likelihood is reinforced by a clear consolidation above 16065, which would enhance and accelerate the strength of the upward trend. The path is then open for the index to target 16150 as the first objective, with potential gains extending towards 16250.
On the downside, if trading stability returns below 15860, the index may come under negative pressure, leading to a retest of 15680.
A word of caution: Today, high-impact economic data is expected from the American economy, specifically the results of the Federal Reserve Committee meeting and the press talk of the President of the European Central Bank. Additionally, the release of the consumer price index from Canada may lead to increased price volatility. The overall risk level is elevated due to continuing geopolitical tensions. Investors should exercise caution and remain alert to market developments.
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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