Noor Trends News, Technical Analysis, Educational Tools and Recommendations
In the previous technical report, we maintained a neutral stance momentarily due to conflicting technical signals, emphasizing our anticipation of a clearer signal to determine the direction more accurately.
On the current technical front, a detailed examination of the 60-minute interval chart reveals the initiation of negative pressure emanating from the 50-day simple moving average, accentuated by evident negative features on the Stochastic indicator.
Despite the prevailing general upward trend, our inclination at this juncture leans towards a negative outlook in the coming hours. However, this should be approached with caution, with the target set for a retest at 16610 before potential attempts at an upward rebound. It is important to note that this downward tendency does not necessarily negate the overall upward trend.
Confirmation of a breach below 16790 serves as a catalyst for the index to regain strength. Consequently, we will be observant for potential targets at 16870 and 16970, respectively.
Warning: The associated risks are notably high and may not proportionally align with the anticipated returns. Exercise caution in your trading decisions.
Warning: Today, high-impact economic data is expected from the American economy, including “annual/monthly core personal consumer spending prices” and “Consumer Confidence” issued by the University of Michigan. Additionally, from the United Kingdom, the release of the “Retail Sales” index, and from the Canadian economy, the monthly GDP indicator is anticipated. Expect heightened price volatility at the time of news release.
Caution: The risk level is high amid ongoing geopolitical tensions, and increased price volatility may be observed.
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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