The Nasdaq index appears to be poised for an upward reversal as it has formed a double bottom pattern, which serves as a strong bullish signal in technical analysis. This formation often indicates the conclusion of a declining trend and hints at a potential rise in prices.
The Moving Average (MA) indicator reinforces the bullish prospects, as the price begins to trade above significant MA levels, suggesting that upward momentum is gaining strength. Furthermore, the MACD indicator corroborates this potential through a bullish crossover, where the MACD line rises above the signal line, accompanied by a histogram that is starting to show positive bars.
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In alignment with the one-hour chart analysis, the 15-minute chart also signals a buying opportunity as the CCI indicator rebounds from the oversold territory, potentially leading to a rise in the Nasdaq index. If this scenario unfolds, the Nasdaq could test the resistance level at 22,090.
Technical Reference: buy while above 21,780
Potential Take Profit Level 1: 22,030
Potential Take Profit Level 2: 22,090
Potential Stop Loss Level 1: 21,835
Potential Stop Loss Level 2: 21,785
