Nasdaq may witness new declines 6/9/2023

The Nasdaq index reached the official target to be achieved yesterday, which was at 15,400, recording its lowest level at 15,395.

On the technical side today, we are leaning towards negativity in our trading, but with caution, relying on the clear negative signals on the 14-day momentum indicator on short time frames and trading stability below the 15,560 level.

Therefore, the downward bias is the most likely during today’s trading session, knowing that confirmation of breaking 15,395 opens the door to visit the second target, 15,310, as a next station.

As a reminder, activating the proposed bearish scenario requires trading to remain stable below resistance 15560, noting that price consolidation above it will immediately stop the proposed scenario and the index will recover to retest 15,640 and 15,710.

Note: Today we are awaiting statistics on economic data with a high impact on the American economy, “the ISM Services Purchasing Managers Index,” and we may witness a high price fluctuation before the news is released.

Note: The risk level may be high.

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: 15395	R1: 15560
S2: 15310	R2: 15640
S3: 15235	R3: 15720