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20 August 2024,01:45
Trade Of The Day
20 August 2024, 01:45
* Dropping Yields Support Equity: The US equity market remains resilient, with several analysts offering positive forecasts for its outlook. Bank of America analysts suggest that US equities are well-positioned to continue their upward trajectory, provided that economic growth remains stable. The potential for rate cuts from the Fed, coupled with stabilized and slowing inflation, continues to support the equity market. Additionally, the growth of artificial intelligence (AI) remains strong, driving further bullish momentum, particularly in the tech-heavy sectors.
* Technical Breakout: Nasdaq has successfully broken out above a strong previous resistance level and continues to extend its gains. The index is now near the new psychological level of 20,000. A successful breakout above this level would suggest that the index might continue its upward momentum, potentially forming a double top and reaching another resistance level at 20,705.00.
* Resistance and Support: nvestors should monitor the current resistance level at 20,000. A successful break above this level could indicate further upward movement for the Nasdaq. Conversely, if the index fails to break out, a technical correction might occur, with a possible short-term pullback to the support level at 19,035.65.
Understand how technical analysis can help you in this trading opportunity.
* Rising geopolitical tensions could weigh on the appeal of the equity market.
Know how to manage trading risks with risk management strategies.
Keep a close watch on developments in the Middle East and overall US economy performance to gauge the likelihood movement for the index, by following PU Prime’s market insights and daily financial news.
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