The Nasdaq index is demonstrating further growth potential this evening after successfully breaking through the neckline of a double bottom pattern, a technical formation often seen as an indicator of a trend reversal towards a bullish direction. The support from the Moving Average (MA) and MACD indicators further strengthens this upward scenario.
On the daily chart, the Nasdaq price is currently maintaining a position above the 24-period MA, suggesting that bullish momentum is gaining traction. The MACD indicator also reinforces this with a bullish crossover, where the MACD line is above its signal line, accompanied by a strengthening positive histogram.
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In line with the analysis of the one-hour chart, the 15-minute chart also depicts a buy signal as the MA indicator rises alongside the price below the current price, while the MACD remains in the positive zone, indicating potential support for further Nasdaq gains. If the scenario unfolds as anticipated, Nasdaq may rise to test the resistance level at 21,640.
Technical Reference: buy while 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
