Nasdaq trading around 12,496. Mixed US inflation data has not provided any clear direction for the index and is yet to make a move with more data due today

The Nasdaq is currently trading at around 12,496. Yesterday the mixed inflation data caused a slight wobble, we can see that the index tried to break out of the short-term bearish trend but failed to close above the upper trendline of the channel (12,580). As of now, resistance levels sit at 12,525 then at 12,555. A break and close above 12,555 may lead to the continuation of the bullish trend, rising towards 12,700-12,800. However, as the present outlook is neutral, support below sits at 12,486 then at 12,462 then at 12,440. A dip below these levels could see the index decline towards the key level sat at 12,348. Looking at the technical indicators, MACD is positive but swaying towards a neutral position and RSI is neutral as it reads 52.