The Nasdaq has shown strong potential for further gains after successfully breaking out from the neckline of a double bottom pattern, a technical formation widely recognized as a bullish trend reversal signal. Support from the Moving Average (MA) and the MACD indicators further enhances this upward scenario.
On the daily chart, Nasdaq’s price is currently stabilizing above the 50-period MA, signaling that bullish momentum is starting to take control. The MACD indicator also confirms this with a bullish crossover, where the MACD line is above its signal line, alongside a positive histogram that continues to strengthen.
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According to the one-hour chart analysis, the 15-minute chart also indicates buying signals as the MA indicators move in alignment with prices beneath the running price, while the MACD remains in a positive zone, potentially supporting Nasdaq’s rise. If this scenario plays out, the Nasdaq may test the resistance level of 21,640.
Technical Reference: buy as long as it remains above 21,285
Potential Take Profit 1: 21,570
Potential Take Profit 2: 21,645
Potential Stop Loss 1: 21,370
Potential Stop Loss 2: 21,285
