The Nasdaq index shows promising potential to continue its upward trend, bolstered by positive signals from the 24-period Moving Average (MA) and the Moving Average Convergence Divergence (MACD) indicator. In recent days, these two indicators have provided strong indications that bullish momentum is gaining strength, creating opportunities for traders to enter buy positions.
The 24-period MA indicates that current prices are above the moving average, often signaling that an upward trend is in play. When prices move above the MA, it suggests that market sentiment is likely positive, and investors may be more inclined to buy.
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In line with the one-hour chart analysis, the 15-minute chart above also shows a buy signal, as Stochastic indicates an oversold condition, further reinforcing the chance for a price increase. If the scenario unfolds as anticipated, the Nasdaq has the potential to rise and test the resistance level of 21,890.
Technical References: Buy as long as above 21,500
Potential Take Profit 1: 21,815
Potential Take Profit 2: 21,890
Potential Stop Loss 1: 21,590
Potential Stop Loss 2: 21,500
