Nasdaq Consolidates Ahead of CPI Data with Bearish Pressure
Nasdaq Technical Analysis
The price is expected to consolidate between 18,710 and 18,420 until a breakout occurs, with increased volatility likely around the release of inflation data.
Currently, bearish momentum is driving the price towards 18,420, after which a bullish reversal may begin during the CPI data release. However, if the price stabilizes above 18,720, an upward move toward 18,920 is anticipated. On the other hand, as long as the price remains below 18,720 and 18,630, it is likely to retest the 18,420 support level.
Key Levels:
Pivot Point: 18,630
Resistance Levels: 18720, 18920, 19160
Support Levels: 18430, 18320, 17890
Expected Trading Range: 18420 - 18930
The price is expected to consolidate between 18,710 and 18,420 until a breakout occurs, with increased volatility likely around the release of inflation data.
Currently, bearish momentum is driving the price towards 18,420, after which a bullish reversal may begin during the CPI data release. However, if the price stabilizes above 18,720, an upward move toward 18,920 is anticipated. On the other hand, as long as the price remains below 18,720 and 18,630, it is likely to retest the 18,420 support level.
Key Levels:
Pivot Point: 18,630
Resistance Levels: 18720, 18920, 19160
Support Levels: 18430, 18320, 17890
Expected Trading Range: 18420 - 18930
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