The Nasdaq is displaying strong signs of a trend reversal during the US session tonight, with a clear formation of an inverted head and shoulders pattern and a successful breakout of the neckline. This breakout serves as a significant confirmation that the prior bearish pressure is beginning to ease, paving the way for a potential shift in price structure towards a more directed upward trend. The dominance of buyers is visibly strengthening, indicating that the Nasdaq is poised to enter a more robust uptrend phase.
The strength of this bullish signal is further bolstered by various technical indicators that are aligning positively. An upward-moving MA affirms the increase in positive momentum, while a zigzag pattern is forming a consistent strengthening structure. Additionally, the MACD operating in the positive zone adds support that the market is regaining fresh bullish energy. The synergy among these three indicators paints a picture that the opportunity for a sustained rally remains wide open.
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On the 15-minute timeframe during the US session tonight, the Nasdaq shows potential for further strengthening as prices stabilize within a bullish channel with a maintained upward structure. The CCI, positioned in the oversold region, signals a weakening of downward pressure and increases the likelihood of a rebound. Given the technical conditions favoring buyers, Nasdaq has the potential to rise and test a crucial resistance level at 25,445.
Technical Reference: buy while above 24,898
Potential Take Profit 1: 25,525
Potential Take Profit 2: 25,425
Potential Stop Loss 1: 25,028
Potential Stop Loss 2: 24,898
