The Nasdaq has been illustrating strong upward potential after undergoing corrections in recent sessions. From a technical perspective, the prices continue to remain above the Moving Average (MA), indicating that the bullish trend is still intact in the medium term. Additionally, the stochastic indicator is currently in the oversold zone, suggesting that selling pressure is starting to diminish, thus increasing the likelihood of a reversal. If the prices can hold above the support level and a bullish candlestick confirmation appears, the Nasdaq may have the opportunity to strengthen towards the nearest resistance level.
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The Nasdaq is displaying signs of recovery, having bounced back from the lower boundary in the 15-minute time frame, which indicates potential for further gains. Moreover, the Commodity Channel Index (CCI) being in an oversold state further confirms that selling pressure is fading, paving the way for bullish momentum to regain dominance. Should buying momentum persist, the prices could potentially test the 21,600 resistance level.
Technical Reference: buy as long as above 21,288
Potential Take Profit 1: 21,545
Potential Take Profit 2: 21,600
Potential Stop Loss 1: 21,350
Potential Stop Loss 2: 21,288
