Noor Trends News, Technical Analysis, Educational Tools and Recommendations
An upward trend dominated the movements of the Nasdaq Composite Index during the previous trading session, recording its highest level at 15,240.
On the technical side today, we are leaning towards positivity, but with caution, relying on the clear positive momentum signals on the 14-day momentum indicator, and this comes in conjunction with the return of the simple moving averages to hold the price from below.
Therefore, the upward trend is the most preferred during the day, with trading remaining above 15,050, targeting 15,260 as the first target, and then 15,350 as the next target.
Below 15,050 invalidates the bullish scenario and we may witness a trading session that tends to be negative, with an initial target of 14,930 that may extend later to visit 14,850.
Note: Today we are awaiting high-impact economic data issued by the American economy, Producer Price Index and Results of the Federal Reserve Committee Meeting, and we may witness high volatility when the news is released.
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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