Dated: 07/22/2024
Introduction and overview
The US Nasdaq index opened the third week of July 2024 at $20,373, witnessing many fluctuations during the week. The index reached its highest price at $20,617, while its lowest level reached $19,487, closing the week at $19,545. Indices declined significantly during this week, as the index recorded a decline of 828 points. In the third week of July 2024, the Nasdaq index witnessed a noticeable decline, as it opened the week at $20,373, recorded its highest price at $20,617 and its lowest price at $19,487, ending the week at $19,545. This decline was sharp, as the index lost about 828 points during the week, which reflects a negative trading situation.
At the start of the last week of July, the index opened at $19,651, indicating a price gap of 106 points compared to the previous week’s close. Currently, the Nasdaq is trading at $19,756, with weakness observed in most of the moving averages and the beginning of a shift to the upside. The MACD indicator indicates weakness in the downward trend, which may reflect the possibility of fluctuations in the movement of the indicator in the coming period, and with the appearance of an upward trend signal, which enhances the positive possibilities for the indicator.
Trading strategies based on Buy/Sell levels
| ND100 | In case of buying | in case of selling |
| Entry point | 19815 | 19642 |
| Target Point 1 (TP1) | First resistance: 19894 | First support: 19575 |
| Target Point 2 (TP2) | Second resistance: 19960 | Second support: 19545 |
| Stop Loss (SL) | 19642 | 19815 |
Conclusion
The technical analytical study of this data showed clear results indicating the main trends and changes in the market. The technical indicators used and graphical analysis highlight the relative strength of the assets studied, and help identify potential investment opportunities and associated risks. This technical analysis reflects the importance of integrating modern tools and technologies into the investment decision-making process to enhance efficiency and accuracy. In light of these results, investors can improve their strategies and achieve better performance in the financial markets.
