Nasdaq Index Forecast
Nasdaq index price down 0% on Wednesday
(Updated on Mar 27, 2024)
No changes to the price of Nasdaq index on the last trading day (Wednesday, 27th Mar 2024). During the last trading day the index fluctuated 1.00% from a day low at 16,312.95 points to a day high of 16,476.38 points. The price has been going up and down for this period, and there has been a 0.85% gain for the last 2 weeks.
The index lies in the middle of a narrow and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the index is expected to rise 11.36% during the next 3 months and, with a 90% probability hold a price between 17,894.92 points and 18,386.46 points at the end of this 3-month period.
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^IXIC Signals & Forecast
A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -0.525%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days. Some positive signals were issued as well, and these may have some influence on the near short-term development. The Nasdaq index holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the index giving a positive forecast for the stock. On further gains, the index will meet resistance from the short-term Moving Average at approximately 16,322.85 points. On a fall, the index will find some support from the long-term average at approximately 16,047.49 points. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for Nasdaq index
Nasdaq finds support from accumulated volume at 16,103.45 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the index tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the index moved 163.42 points between high and low, or 1.00%. For the last week the index has had daily average volatility of 1.04%.
Our recommended stop-loss: 15,640.46 points (-4.14%) (This index has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (^IXIC) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect NASDAQ Composite to open at 16,368.34 points, and during the day (based on 14 day Average True Range), to move between 16,112.77 points and 16,518.63 points, which gives a possible trading interval of +/-202.93 points (+/-1.24%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 2.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 16,369.41 points (0.33%) than the support at 16,103.45 points (1.30%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NASDAQ Composite index A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 1.903 Buy Candidate Unchanged
Predicted Opening Price for NASDAQ Composite of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
16,368.34 points ( 0.323%) | 16,315.70 points |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ^IXIC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16,531.77 | 1.32 % | |
R2 | 16,469.34 | 0.94 % | ||
R1 | 16,430.77 | 0.705 % | ||
Current price: | 16,315.70 | |||
Support | S1 | 16,305.91 | -0.0600 % | |
S2 | 16,267.35 | -0.296 % | ||
S3 | 16,204.92 | -0.679 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16,401.84 | 0.528 % | |
R2 | 16,369.41 | 0.329 % | ||
R1 | 16,369.41 | 0.329 % | ||
Current price | 16,315.70 | |||
Support | S1 | 16,103.45 | -1.30% | |
S2 | 15,973.17 | -2.10% | ||
S3 | 14,944.35 | -8.41% |
FAQ
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