Nasdaq: Negative pressure exists 18/9/2023

The Nasdaq index suffered significant losses at the end of last week’s trading after it failed to maintain its recent gains, recording its lowest level last Friday at 15170.

On the technical side today, we are leaning toward negativity in our trading, relying on the negative pressure coming from the simple moving averages and the clear negative signals on the Relative Strength Index on short time intervals.

From here, with daily trading remaining below the resistance level of 15,440, the bearish bias is the most likely during today’s session trading, targeting 15,090 as the first target, and breaking it increases and accelerates the strength of the bearish bias, opening the way to visit 14,960.

Trading stability and price consolidation below 15445 will immediately stop the proposed bullish scenario and lead the index to retest 15660.

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: 15090	R1: 15445
S2: 14960	R2: 15660
S3: 14745	R3: 15790