The Nasdaq Composite Index (COMP) closed at 14,952.09 on June 13, 2023, up 5% from the beginning of the month. The index is currently trading in a narrow range, with support at 14,600 and resistance at 15,259. The RSI is at 60, which is bullish. The MACD is crossing above the signal line, which is also a bullish signal. Overall, the technical indicators are bullish, suggesting that the market is likely to continue to rise.
Next Support and Resistance Levels
The next support level for the Nasdaq Composite Index is 14,639. If the index falls below this level, it could trigger a sell-off. The next resistance level is 15,259. If the index breaks above this level, it could lead to a further rally.
Two Most Likely Scenarios
There are two most likely scenarios for the Nasdaq Composite Index on June 14, 2023.
- Scenario 1: The index continues to rise and breaks above the 15,259 resistance level. This could lead to a further rally to the 15,648 level or even higher.
- Scenario 2: The index falls back below the 14,639 support level. This could trigger a sell-off to the 14,250 level or even lower.
Conclusion
The Nasdaq Composite Index is currently trading in a bullish trend. The technical indicators are bullish, and there are two most likely scenarios for the index on June 14, 2023. The index could continue to rise and break above the 15,259 resistance level, or it could fall back below the 14,639 support level. Investors should monitor the market closely and be prepared for either scenario.
Until we break the 13,500 levels we consider the sell off as a normal correction and the market structure remains bullish.
Disclaimer
This technical analysis report is for informational purposes only and should not be considered investment advice. Past performance is not indicative of future results.
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