The Nasdaq index has displayed signs of resurgence after a strong rebound from the lower Bollinger Bands on the 1-hour timeframe. The upward movement from this area suggests that the price has reached a technically oversold region, presenting an opportunity for buyers to take control of the momentum. This bounce is also accompanied by increasing volume, indicating that buying pressure is starting to strengthen in response to the dynamic support levels.
Additional support is provided by the MACD indicator, which shows a bullish crossover, as the MACD line begins to rise above the signal line and the histogram moves into positive territory. This condition reinforces the potential for further gains, especially if the Nasdaq can break through the nearest intraday resistance. Should the buying pressure persist, the index might retest the upper area of the Bollinger Bands or possibly pave the way for gains at higher technical levels.
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The Nasdaq exhibits continued strengthening potential after successfully breaking above the upper limit (break high) of the bearish channel on the 15-minute timeframe, signaling a shift in the short-term trend from bearish to bullish. Technical signals become increasingly robust with the Moving Average (MA) lines starting to point upwards, reflecting rising buying pressure and the formation of new upward momentum. As long as the price stays above the breakout area, the Nasdaq’s chances of continuing its rally towards the next intraday resistance at 21,500 remain wide open.
Technical Reference: buy as long as above 21,050
Potential Take Profit 1: 21,460
Potential Take Profit 2: 21,540
Potential Stop Loss 1: 21,135
Potential Stop Loss 2: 21,050
