The Nasdaq is showing increasing potential for upward movement after the formation of a Double Bottom pattern, indicating a reversal from a downtrend to an uptrend. Following a breakout above the neckline of this pattern, bullish momentum has begun to take shape, creating opportunities for the Nasdaq to further its gains.
In addition, the current price is positioned above the 24-period Moving Average (MA), further reinforcing the optimistic outlook that the uptrend is likely to sustain. The Double Bottom pattern typically signifies a robust reversal point, and given the supporting technical conditions, the likelihood of an increase is growing.
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The Nasdaq is expected to make further gains after successfully breaking the high of a bearish channel on a 15-minute time frame, signaling that selling pressure is diminishing and a reversal towards a bullish trend is becoming clearer. The price is now sitting above the 24-period Moving Average (MA), accentuating the positive sentiment, with the MA pointing upwards and acting as dynamic support. This bullish signal is becoming more pronounced, paving the way for the Nasdaq to continue its rally towards the next resistance level of 20,250.
Technical Reference: buy as long as it remains above 19,840
Potential Take Profit 1: 20,179
Potential Take Profit 2: 20,250
Potential Stop Loss 1: 19,915
Potential Stop Loss 2: 19,840
