The Nasdaq index has displayed significant upward potential after achieving a robust breakout above the upper Bollinger Bands, following the establishment of a Double Bottom pattern. This Double Bottom formation serves as a reversal indicator, suggesting that selling pressure is diminishing and buyers are gaining control of the market.
When the price breaches the upper Bollinger Bands, it signifies an increase in volatility, indicating a strengthening bullish momentum. This breakout further confirms that the price movement is likely to continue its ascent.
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The Commodity Channel Index (CCI) is signaling positive outcomes after rising from the oversold territory on the 15-minute chart, indicating an increasing likelihood of a trend reversal for the Nasdaq. Once the CCI exits the oversold zone, it typically suggests a reduction in selling pressure, allowing buying momentum to take over. This scenario implies that the Nasdaq may strengthen in the short term, potentially testing the resistance level of 20,425.
Technical Reference: buy as long as above 20,006
Potential Take Profit 1: 20,335
Potential Take Profit 2: 20,425
Potential Stop Loss 1: 20,090
Potential Stop Loss 2: 20,090
