The Nasdaq is poised for an upswing following a healthy correction, having reached the middle band of the Bollinger Bands indicator. This presents an opportunity for buyers to enter at more favorable price levels. The increased buying momentum is corroborated by the MACD indicator, which is displaying a bullish histogram, with the MACD line consistently above the signal line, indicating that buying pressure remains strong.
With this support in place, the Nasdaq has the potential to continue its upward movement toward the next resistance level. However, it’s crucial to monitor for further confirmations, as external factors such as economic data and market sentiment can influence price direction.
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A bullish structure is beginning to take form in the Nasdaq on the 15-minute timeframe, indicating the possibility of higher price movements soon. The Moving Average (MA) indicator is providing solid support, as prices remain above the MA 24, acting as a dynamic support line and suggesting that the bullish momentum is still intact. As the bullish structure builds and prices stay above the MA, the chances of continuing the rise to the resistance level of 19,945 increase.
Technical References: buy when above 19,537
Potential Take Profit 1: 19,890
Potential Take Profit 2: 19,945
Potential Stop Loss 1: 19,604
Potential Stop Loss 2: 19,537
