Nasdaq: Negative pressure remains 20/9/2023

The Nasdaq index achieved the bearish targets published during the previous technical report, reaching the second target, located at 15,085, recording its lowest level at 15,064.

On the technical side today, with a closer look at the 4-hour chart, the simple moving averages continue to put negative pressure on the price from above, accompanied by the stability of the Relative Strength Index below the 50 midline.

Hence, with daily trading remaining below the resistance level of 15,260, the bearish scenario remains the most preferable during today’s trading session, targeting 15,070 as the first target, knowing that sneaking below the aforementioned level increases and accelerates the strength of the downward trend, so we are waiting for 14,970 and 14,880, respectively.

Trading stability and price consolidation above 15,280 will immediately stop the proposed bearish scenario and lead the index to retest 15,350.

Note: Today, we are awaiting high-impact economic data issued by the American economy “the Federal Reserve Committee statement, the interest rate decision and forecast, followed by a press conference. We may witness high price fluctuations at the time 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: 15070	R1: 15260
S2: 14970	R2: 15350
S3: 14880	R3: 15450