Nasdaq returns to gains 24/8/2023

The Nasdaq index reversed the expected bearish trend during the previous report, benefiting from establishing a solid support floor around the support level published in the last technical report at 14,910. As a reminder, we indicated that the return of trading stability above 15,060 can thwart the bearish scenario and lead the index to rise towards 15,155, recording 15,350, compensating for the selling position.

Technically, today, we find the index stable above the resistance level of 15,060, which has now turned into a support level, according to the concept of exchanging roles, accompanied by the positive motive of the simple moving averages, which returned to carry the price from below.

Therefore, there may be a possibility to resume the rise that started yesterday, considering that the price’s consolidation above 15,350 increases and accelerates the strength of the bullish trend, paving the way directly to visit 15,485. The gains may extend later towards 15,640.

Trading stability below 15050 can thwart the bullish scenario and lead the index to retest 14910 & 14760.

Note: Today we are awaiting economic data from the summit of the “BRICS”, and “Jackson Hole Economic Forum”, and we may witness high price volatility.

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: 15050	R1: 15485
S2: 14760	R2: 15640
S3: 14610	R3: 15930