Nasdaq suffers huge losses 26/10/2023

The Nasdaq index suffered significant losses yesterday, exceeding the bearish targets required to be touched during the technical report for yesterday’s session, located for 14,470, recording its lowest level of 14,216.

On the technical side today, we are leaning towards negativity, relying on the stability of trading below the previously broken support that was transformed into a resistance level at the price of 14,470, in addition to the clear negative trends on the 14-day momentum indicator.

We are leaning towards negativity in the coming hours, aiming to retest 14045 as the first target, knowing that breaking the aforementioned level will extend the losses as we wait for a visit to 13860.

Only by crossing upwards and rising above 14470 will the index reduce its losses and move towards 14585 initially.

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: 14045	R1: 14585
S2: 13860	R2: 14940
S3: 13510	R3: 15120