The Nasdaq index is showing signs of recovery after facing substantial selling pressure that drove prices down to the lower Bollinger Bands on the 1-hour time frame. This rebound occurs in a zone often considered oversold, thereby triggering short-term buying interest. The price movement bouncing back from this lower boundary provides an initial signal of potential reversal or at least a technical correction after a significant decline. The price reaction at this level is crucial to confirm the strength of the buyers in maintaining momentum.
Strength is also beginning to appear from several supporting technical indicators. If the buying pressure continues and the price manages to break through the nearest minor resistance, the opportunity for further increases will open towards the midline or even the upper band of the Bollinger Bands, which could influence decision-making for positions.
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The Nasdaq is exhibiting a bullish structure beginning to form on the 15-minute time frame, indicating potential continuation of the upward trend in the short term. The price movement is creating higher lows and higher highs, while the Zigzag indicator continues to confirm the strengthening trend with consistent upward wave retracements. As long as prices remain above the dynamic support and do not form new lower lows, the chances for further increases remain open to test 21,927.
Technical Reference: buy when above 21,655
Potential Take Profit 1: 21,885
Potential Take Profit 2: 21,927
Potential Stop Loss 1: 21,707
Potential Stop Loss 2: 21,655
