Testing the Ascending Triangle Pattern, Nasdaq Expected to Rise

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Update: Thursday, 30/01/2025 - 19:01 PM
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The Nasdaq index on the hourly chart has shown an upward movement and is currently testing the upper limit of the Ascending Triangle pattern before experiencing a correction. The Ascending Triangle is recognized as a bullish formation, indicating that a consistent breakout could lead to further gains for Nasdaq.

The Stochastic indicator is declining and has begun entering the oversold zone, which increases the likelihood of a rebound for Nasdaq.

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In the 15-minute chart, the Stochastic has been falling from the overbought area. This trend aligns with the hourly chart, suggesting that as the 15-minute chart continues its decline towards oversold, the hourly chart is likely to follow suit, creating greater potential for a price increase.

As long as it does not breach the support level at 21,580, Nasdaq is poised for an upward movement, potentially breaking through the upper limit of the Ascending Triangle to reach 21,770.

Technical References: Buy as long as it stays above 21,580
Potential Take Profit 1: 21,770
Potential Take Profit 2: 21,900
Potential Stop Loss 1: 21,580
Potential Stop Loss 2: 21,400

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