Nasdaq touches desired targets 12/10/2023

The Nasdaq index rose significantly during the previous session within the positive technical outlook, as we expected, touching the first official target to be achieved at the price of 15و260, recording its highest level of 15,295 during the early trading of the current session.

On the technical side today, we are leaning towards positivity, but with caution, relying on the clear positive momentum signals on the 14-day momentum indicator, and this comes in conjunction with the return of the simple moving averages to carry the price from below.

Therefore, the upward trend is the most preferred during the day, with trading remaining above 15,170, targeting 15,350 as the first target, and then 15530 as the next target.

Below 15,170 invalidates the bullish scenario, and we may witness a trading session that tends to be negative, with an initial target of 15,050, which may later extend to visit 14,990.

Note: Today we are awaiting highly influential economic data issued by the American economy, the “Consumer Price Index,” and we may witness high volatility when the news is released.

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: 15170	R1: 15350
S2: 15050	R2: 15420
S3: 14990	R3: 15530