Although the economic indicators in US are positive in general, showing return to growth in July-September period, the heavy weight tech companies like Facebook, Alphabet and Microsoft Corp are expecting slower growth and Amazon Inc reported lower than expected earnings. This took toll on the NASDAQ Index. It plunged and broke the support of the upward channel that it had trading in since 14th of October.
Both technical indicators, MACD and RSI are confirming the bearish trend, with MACD histogram below 0 line and keep decreasing and RSI below the 50 neutral line.
If this trend continues, the instrument might reach its previous low of 10 680. In the opposite scenario, the price might try to test the channel resistance at 11 800.
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Both technical indicators, MACD and RSI are confirming the bearish trend, with MACD histogram below 0 line and keep decreasing and RSI below the 50 neutral line.
If this trend continues, the instrument might reach its previous low of 10 680. In the opposite scenario, the price might try to test the channel resistance at 11 800.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.