The Nasdaq index is exhibiting signs of a potential reversal after the formation of a Double Bottom pattern, suggesting that the selling pressure is easing, and the likelihood of an upward movement is increasing. The support level established around the previous bottom has proven resilient, indicating strong buying interest. Furthermore, the Moving Average (MA) is beginning to trend upwards, signaling that a bullish trend may re-emerge in the short term.
Additional confirmation comes from the MACD (Moving Average Convergence Divergence) indicator, which is starting to display bullish signals, with the MACD line ascending towards the signal line. This movement indicates that buying momentum is beginning to take control, further enhancing the potential for an upward movement. If the Nasdaq can break through the nearest resistance with significant volume,
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The Nasdaq is poised to continue its upward trajectory as the Moving Average (MA) indicates a bullish tendency, suggesting that prices are still in a positive trend. Further confirmation comes from the MACD (Moving Average Convergence Divergence), which is now moving above the signal line, reinforcing the potential for buying momentum in the short term. With the combination of these two indicators on a 15-minute timeframe, the chance for the Nasdaq to continue rising is increasing as it approaches the resistance level of 21,490.
Technical Reference: buy while above 21,104
Potential Take Profit 1: 21,426
Potential Take Profit 2: 21,490
Potential Stop Loss 1: 21,189
Potential Stop Loss 2: 21,104
