Long

NASDAQ 1D MA100 held. Strong rally ahead.

Last week we took a look at Nasdaq's (NDX) Triangle and the buy signal that emerged on the short-term Support Zone (see chart below):

The signal turned out to be successful and the price eventually hit our 21800 Target and got rejected again on the Lower Highs trend-line.

Today an even stronger buy signal emerged, this time on a long term horizon as not only did the price touch the bottom (Higher Lows trend-line) of the August 2024 Channel Up but also hit the 1D MA100 (green trend-line).

This is the 3rd test of this level in 2 weeks and the 3rd hold. Technically this is a Triple Bottom formation and one of the strongest buy signals. Two times already within this Channel Up we have seen Bullish Legs of +15.70%. As a result we can technically target 23700.

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