The Nasdaq index is showing signs of recovery after successfully bouncing back from the lower area of the Bollinger Bands on the intraday time frame. This price reaction serves as an early indicator that selling pressure is beginning to ease, and buyers are regaining control. A bounce from the lower boundary of this indicator is often viewed as a short-term reversal opportunity, especially when supported by increased volume and stable buying interest. Currently, prices are edging closer to the midline of the Bollinger Bands as an initial target, which may also serve as a confirmation point for continued upward movement.
Adding to the confidence in the rebound potential, the stochastic indicator is also trending upward from the oversold zone, signaling the emergence of new buying momentum. If this trend persists, the Nasdaq may break through minor resistances and test higher price areas once again.
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On the 15-minute chart, Nasdaq displays potential strengthening as the Moving Average (MA) line begins to point upward, providing support for the short-term trend. This positive signal is bolstered by the Commodity Channel Index (CCI) indicating it has moved out of the oversold zone and is trending upward, suggesting that buying momentum is starting to build. The combination of these two indicators offers a solid technical signal that the Nasdaq is poised to move higher soon, testing the resistance at 19,299.
Technical References: buy while above 18,745
Potential Take Profit 1: 19,197
Potential Take Profit 2: 19,299
Potential Stop Loss 1: 18,864
Potential Stop Loss 2: 18,744
