Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Nasdaq index displayed an upward trend in the previous trading session, marking significant gains and achieving its highest level at 16,911.
From a technical standpoint today, a positive outlook is favored, driven by the positive stimulus provided by the simple moving averages, which continue to support the price from below. Additionally, positive signals are emanating from the 14-day momentum indicator.
The potential for an upward trend during the day remains, contingent on intraday trading staying above 16,750 and, more broadly, above 16,640. The initial target is set at 16,940, and breaking this level would further enhance the index’s gains, opening the path directly towards 17,075.
A drop below 16,640 would invalidate the proposed scenario, leading to a potentially negative trading session with a target at 16,470.
Warnings:
- High-impact economic data is expected from the American economy today, including the “monthly core producer prices” and the “monthly producer price index.” Additionally, the “monthly gross domestic product” indicator from the United Kingdom is anticipated, potentially leading to increased volatility during the news release.
- The risk level is considered high, particularly amidst ongoing geopolitical tensions, contributing to potential increased price volatility. Traders are advised to exercise caution.
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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