The Nasdaq has displayed signs of a continued upward trend after remaining securely within a bullish channel. The technical structure increasingly supports this upward momentum, as the Zigzag indicator begins to create a higher high and higher low pattern, indicating that buying pressure remains robust. Furthermore, the upward trajectory of the Moving Average (MA) provides additional confirmation that buying sentiment is still prevailing in the short term.
The CCI indicator, which is starting to rebound from oversold territory, further bolsters this positive signal, suggesting that the prior selling pressure is easing and paving the way for a potential upward reversal. Should this pattern continue, there is a significant chance that the Nasdaq can continue to ascend towards the next resistance levels, with a technical bias favoring the bullish side in the coming sessions. Traders are advised to keep a close watch on breakout areas and the potential for confirmation of further signals to manage risks effectively.
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The Nasdaq has shown signs of resurgence after the price successfully rebounded from the lower region of the Bollinger Bands (BB), indicating buying pressure at this support level. A bullish trend is beginning to form on the 15-minute time frame, reinforced by the CCI indicator recovering from oversold conditions, signaling a shift in momentum from bearish to bullish. This combination of signals opens up opportunities for the Nasdaq to make further gains in the short term, with a target potential to test the nearest resistance area of 23,588.
Technical Reference: buy as long as above 23,373
Potential Take Profit 1: 23,555
Potential Take Profit 2: 23,588
Potential Stop Loss 1: 23,410
Potential Stop Loss 2: 23,373
