Indices | Nasdaq | Price Levels and Price Pattern Analysis
Today’s focus: Nasdaq /NDX100
Pattern – Ascending Triangle
Possible targets – 15,600, 16,500
Support – 15,000
Resistance – 15,220, 15,250
Today, let’s focus on the Nasdaq/NDX100 as its price is currently forming a continuation pattern just below a crucial resistance level. This setup is intriguing because we have important US inflation data being released today, and interest rates remain a hot topic of discussion. In our video for today, we have analysed the price action and pattern, and how it relates to the Consumer Price Index (CPI) data.
While there are no guarantees, a potential drop in price could either encourage buyers to push forward or continue the existing momentum, leading to a possible test and break of the pattern. Our attention will be on the core figure, which has been the most persistent among the three components. Year-over-year (Y/Y) inflation is expected to decline to 3.1%, with the Core CPI reaching 0.3%.
The CPI data is due at 8:30 am ET / 10:30 pm AEST.
Nasdaq Video Analysis
Have a great day and good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.