Nasdaq Index Forecast

Red day on Wednesday for Nasdaq index after losing 0%
(Updated on Apr 24, 2024)

^IXIC Signals & Forecast

There are mixed signals in the index today. The Nasdaq index holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the index giving a more negative forecast for the stock. On further gains, the index will meet resistance from the long-term Moving Average at 16,101.91 points. On a fall, the index will find some support from the short-term average at 15,610.96 points. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.71%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for Nasdaq index

Nasdaq finds support from accumulated volume at 15,630.78 points and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This index is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the index moved 219.76 points (1.42%) between high and low. For the last week, the index has had daily average volatility of 1.64%.

Our recommended stop-loss: 14,874.53 points (-5.24%) (This index has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (^IXIC) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect NASDAQ Composite to open at 15,645.86 points, and during the day (based on 14 day Average True Range), to move between 15,417.79 points and 15,975.49 points, which gives a possible trading interval of +/-278.85 points (+/-1.78%) up or down from last closing price. If NASDAQ Composite takes out the full calculated possible swing range there will be an estimated 3.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 15,630.78 points (0.42%) than the resistance at 15,939.59 points (1.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is NASDAQ Composite index A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nasdaq index to perform well in the short-term.

Current score: 1.207 Buy Candidate Unchanged

Predicted Opening Price for NASDAQ Composite of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.