The Nasdaq is displaying a stronger upward potential this evening following the emergence of a Double Bottom pattern, which signals a reversal from a downtrend to an uptrend. After the price successfully broke through the neckline of this pattern, a bullish momentum began to form, paving the way for Nasdaq to continue its ascent.
Moreover, with the price now positioned above the 24-period Moving Average (MA), this positive signal reinforces predictions that the upward trend will persist. Typically, a Double Bottom pattern indicates a strong reversal point, and given the supportive technical conditions, the potential for further gains is significant.
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The Nasdaq shows promise for further increases after successfully breaking the bearish channel high on the 15-minute time frame, suggesting that selling pressure is diminishing and the reversal to a bullish trend is becoming clearer. The price currently trading above the 24-period Moving Average (MA) emphasizes the positive sentiment, with the MA trending upward and serving as dynamic support. This bullish signal is gaining strength, creating opportunities for Nasdaq to extend its rally towards the next resistance level of 20,250.
Technical Reference: buy while above 19,598
Potential Take Profit 1: 20,100
Potential Take Profit 2: 20,250
Potential Stop Loss 1: 19,688
Potential Stop Loss 2: 19,598
