Nasdaq touches the bearish target 22/9/2023

Negative trading dominated the movements of the Nasdaq index during the previous trading session, touching the official target to be achieved yesterday at the price of 14,670, recording its lowest level of 14,670.

On the technical side today, with a closer look at the 4-hour chart, negative pressure still comes from the simple moving averages, accompanied by the stability of the 14-day Momentum indicator below the 50 midline.

Hence, with intraday trading remaining below the resistance level of 14,910, the bearish scenario remains the most preferable during today’s trading session, targeting 14,610, an awaited target.

Only from above will the return of trading stability and price consolidation above 14,910 immediately stop the proposed bearish scenario and lead the index to retest 15,020 and then 15,085 initially.

Note: Today we are awaiting high-impact economic data issued, the preliminary reading of the services and manufacturing PMI index in Europe, the UK and the US, and we may witness high fluctuation in prices at the time of the news release.

Note: The risk level may be 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: 14615	R1: 14910
S2: 14490	R2: 15085
S3: 14320	R3: 15210