Pediafx Monday, 28 August 2023 Technical Overview – Nasdaq Potential to Rise to Level 15,025
Pediafx – Last week, the Nasdaq index successfully ended a three-week decline by rising 224 points to 14,969. The Nasdaq received positive sentiment from Powell, who expressed optimism that the US economy would not experience a recession.
However, attention is also focused on expectations of a Fed interest rate hike in November and December. These expectations may either strengthen or diminish this week due to the release of core PCE inflation data and the labor market, which are key indicators for the Fed.
Ahead of these releases, the Nasdaq is expected to remain volatile and has the potential to continue its upward trajectory during the European session.
Here are the technical references to consider for taking a buy position on the Nasdaq:
Entry Price: 14,990 – 15,005
Support Level 1: 14,985
Support Level 2: 14,970
Resistance Level 1: 15,010
Resistance Level 2: 15,025
