Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading persisted in the Nasdaq index during the previous session, as it approached and touched the second target at 14865, marking a high point at 14,935.
From a technical perspective today, a positive bias is observed, supported by the intraday stability above the key support level of 14,810. This stability is reinforced by positive signals from the simple moving averages and clear upward momentum indicators on the 14-day momentum indicator.
As a result, an upward trajectory is highly probable throughout the day, contingent on breaching the resistance level of 14,935. If successful, the index is poised to target 14,985 as the first objective, followed by 15,090 as the subsequent target.
However, a return to stability below 14,810 would introduce negative pressure, with a downside target of 14,725.
Please note that we are anticipating high-impact economic data from the American economy, including non-farm payroll, unemployment rates, average wages, and the services purchasing managers index issued by ISM. Additionally, we are awaiting Canadian economic data, specifically the unemployment rate and job changes. Market fluctuations are expected upon the release of these news items.
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: |