The Nasdaq has exhibited potential for a strong rebound following a correction over the past few sessions. From a technical perspective, the price remains above the Moving Average (MA), indicating that the bullish trend is still intact in the medium term. Moreover, the stochastic indicator is currently in the oversold territory, suggesting that selling pressure is beginning to subside, which increases the likelihood of a trend reversal. If the price can stay above the key support level and a bullish candlestick confirmation appears, the Nasdaq could strengthen towards the nearest resistance level.
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The Nasdaq is showing signs of recovery after bouncing off the lower limit in the 15-minute time frame, indicating the potential for further upward movement. Additionally, the Commodity Channel Index (CCI) being in an oversold state further confirms that selling pressure is diminishing and a bullish momentum might re-emerge. If the buying momentum continues, the price may test the resistance level of 21,560.
Technical Reference: buy as long as it’s above 21,260
Potential Take Profit 1: 21,515
Potential Take Profit 2: 21,560
Potential Stop Loss 1: 21,325
Potential Stop Loss 2: 21,265
