The Nasdaq continues to maintain a convincing upward trend this evening, with the price structure firmly in a bullish formation. The series of Higher Lows (HL) that keep forming demonstrates the unwavering dominance of buyers, with every price dip being viewed as a buying opportunity. As long as the price stays above the previously established HL point, the prospects for further strengthening remain valid from a technical perspective.
The Zigzag indicator further supports this viewpoint, featuring a clean and orderly upward pattern, aligning with the price’s stable position above the Moving Average line. This combination of two technical signals emphasizes that buying pressure continues to lead the market and opens the door for the Nasdaq to extend its gains in the near term.
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On the 15-minute timeframe, the Nasdaq shows potential for a rebound after entering an oversold condition, as indicated by the CCI moving below the -100 level. The previous selling pressure has dragged prices into a low area, which technically opens the door for a bounce back. As long as there is no further selling pressure breaking through the nearest support, this condition provides room for the Nasdaq to strengthen again in the short term, testing the resistance level of 21,843.
Technical Reference: buy as long as above 21,632
Potential Take Profit 1: 21,805
Potential Take Profit 2: 21,843
Potential Stop Loss 1: 21,673
Potential Stop Loss 2: 21,632
