The Nasdaq experienced a significant rise in today’s trading session, rebounding from a 15-month low reached earlier in the week. The downward gap from yesterday has been effectively closed. On the hourly chart, the 20-period Moving Average (MA 20) has crossed above the 50-period Moving Average (MA 50), a signal often interpreted as a buying opportunity by traders.
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In the 15-minute chart, the Nasdaq is moving within a bullish channel, increasing the likelihood of further upward movement. The Stochastic indicator on the 15-minute chart has retreated from the overbought zone, easing some of the correction pressure. Nevertheless, the current correction could present a favorable buying opportunity, particularly with an advantageous risk-reward ratio.
Technical Outlook: Buy as long as prices remain above 17,650
Potential Take Profit Level 1: 18,260
Potential Take Profit Level 2: 18,500
Potential Stop Loss Level 1: 17,650
Potential Stop Loss Level 2: 17,400
