The Nasdaq index is showing signs of recovery after hitting the lower range of the Bollinger Bands on an intraday timeframe. This level is often perceived as oversold in the context of price volatility, and the rebound indicates a decrease in selling pressure. Buying activity is starting to emerge as prices approach the lower boundary, reflecting a potential short-term reversal that could lift the Nasdaq back towards the middle line of the Bollinger Bands as an initial target.
Further strengthening the technical signals, the Stochastic indicator is in the oversold zone and beginning to trend upward, suggesting that buying momentum is starting to build. The combination of this rebound from a crucial technical area and the oscillator signals provides a favorable outlook for the Nasdaq to continue its ascent.
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On the 15-minute chart, the Nasdaq indicates potential strengthening as the Moving Average (MA) begins to trend upward, providing support for the short-term trend. This positive signal is reinforced by the Commodity Channel Index (CCI), which has moved out of the oversold zone and is trending upward, indicating that buying momentum is forming. The synergy between these two indicators presents a robust technical signal that the Nasdaq is poised to move higher soon and test the resistance at 19,299.
Technical Reference: buy when above 18,745
Potential Take Profit 1: 19,096
Potential Take Profit 2: 19,197
Potential Stop Loss 1: 18,833
Potential Stop Loss 2: 18,744
