The Nasdaq is currently displaying a strong upward potential today following the emergence of a Double Bottom pattern, which signifies a reversal from a downward trend to an upward trajectory. After the price successfully broke through the neckline of this pattern, bullish momentum began to materialize, creating an opportunity for the Nasdaq to continue its upward movement.
Moreover, the price now sits above the 24-period Moving Average (MA), and this positive signal strengthens the forecast that the upward trend is likely to persist. The Double Bottom pattern is typically indicative of a significant reversal point, and with favorable technical conditions, the likelihood of further gains increases.
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The Nasdaq exhibits the potential for further increases after successfully breaking above a bearish channel on the 15-minute time frame, indicating that selling pressure is waning and a reversal towards a bullish trend is becoming more apparent. The price, now moving above the 24-period Moving Average (MA), reinforces the positive sentiment, with the MA trending upward and acting as a dynamic support. This bullish signal grows stronger, providing an opportunity for the Nasdaq to drive its rally towards the next resistance level of 20,100.
Technical References: buy while above 19,598
Potential Take Profit 1: 20,015
Potential Take Profit 2: 20,100
Potential Stop Loss 1: 19,688
Potential Stop Loss 2: 19,598
