The Nasdaq hourly chart displays a double bottom pattern, indicating a strong technical signal for a potential upward reversal. The sharp rebound from this area highlights the return of buyer dominance, laying a solid foundation for further gains in the near future. This pattern is often seen as an early indication of a bullish trend resurgence, thereby enhancing investor confidence in the prospects of Nasdaq’s rise.
The bullish signals are further reinforced by supporting technical indicators. The ZigZag pattern reveals a price structure that backs the directional reversal, while the Moving Average (MA) begins to trend upward. Additionally, the MACD is moving towards positive territory, reinforcing the growing upward momentum. This combination opens up opportunities for Nasdaq to continue its ascending trend and target the next resistance level in the short term.
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The Nasdaq appears poised for short-term strengthening with the formation of a bullish trendline on the 15-minute chart. The price movements are also supported by a Moving Average (MA) that is beginning to flatten and trend upward, reaffirming the still positive trend direction. Given this technical combination, the Nasdaq is expected to test the significant resistance at the 23,613 level.
Technical Reference: buy as long as it stays above 23,355
Potential Take Profit 1: 23,570
Potential Take Profit 2: 23,613
Potential Stop Loss 1: 23,398
Potential Stop Loss 2: 23,355
