In the 1-hour timeframe, the Nasdaq index is displaying a sideways price movement with the Bollinger Bands appearing relatively flat, indicating market consolidation after a period of high volatility. The current price is bouncing back from the lower Bollinger Bands area, which often acts as a dynamic support in oversold market conditions. The Commodity Channel Index (CCI) is within the oversold territory, signaling that selling pressure is beginning to ease off, increasing the likelihood of a potential upward reversal.
This combination of technical conditions provides a positive signal that the Nasdaq could strengthen in the near term. As long as the price can maintain its rebound above the lower Bollinger Bands support and the CCI starts to move away from the oversold zone, upward momentum may continue until it touches the middle Bollinger Bands line or even its upper area. Traders are advised to closely monitor price movements and indicators to capitalize on strengthening opportunities while effectively managing risks.
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In the 15-minute timeframe, the Nasdaq index is beginning to show signs of strengthening as the Moving Average (MA) starts to trend upwards, indicating a shift towards a bullish trend. The positive slope of the MA suggests that buying pressure is gradually starting to dominate price movements in the short term. If the price manages to remain above the MA and forms a higher low, there is a potential for further upside to test resistance at 21,330.
Technical Reference: buy above 21,040
Potential Take Profit Level 1: 21,282
Potential Take Profit Level 2: 21,330
Potential Stop Loss Level 1: 21,097
Potential Stop Loss Level 2: 21,040
