Nasdaq: the negative pressure continues 16/10/2023

The Nasdaq index declined significantly within a negative outlook, as we expected, touching the official target to be achieved at 14,950, recording its lowest level of 14,940.

On the technical side today, we are leaning towards negativity, relying on the stability of trading below the resistance level of 15,020 and most importantly 15,040. We also find the 50-day simple moving average and clear negative features on the 14-day momentum indicator.

Therefore, the bearish bias is most likely provided that we witness a break of 14,940, targeting a retest of 14,865, and breaking it may extend losses to visit 14,755.

Trading stability above 15,040 invalidates the activation of the bearish tendency, and we may witness a trading session tending to the positive, with an initial target of 15,165 and 15,260.

Note: The risk level is high.

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: 14865	R1: 15165
S2: 14755	R2: 15360
S3: 14565	R3: 15465