The Nasdaq appears to have promising rebound potential after encountering support at the lower boundary of the Bollinger Bands. This situation suggests that selling pressure is starting to ease, creating opportunities for prices to rise again. Additionally, the Stochastic indicator, currently in the oversold territory, bolsters the likelihood of a rebound occurring.
From a technical standpoint, the Bollinger Bands indicate that prices are situated at a strong support level, signaling a possible reversal. Meanwhile, the Stochastic indicator rising from the oversold zone suggests that bullish momentum is beginning to form.
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In line with the hourly chart analysis, the 15-minute chart also displays buy signals as the MA indicator trails the price below the running price and MACD remains in positive territory, potentially supporting a rise in Nasdaq. If the scenario unfolds as expected, Nasdaq may test the resistance level at 21,640.
Technical Reference: buy as long as it stays above 21,773
Potential Take Profit 1: 21,970
Potential Take Profit 2: 22,008
Potential Stop Loss 1: 21,820
Potential Stop Loss 2: 21,773
