NASDAQ rebounding strongly on its 1D MA50. 1 month rally ahead.

Nasdaq (NDX) has been trading within a 4-month Channel Up and hit last Tuesday its 1D MA50 (blue trend-line) exactly on the Channel's bottom. Even though it marginally broke it, the 1D candle closed exactly on the 1D MA50, causing a strong bullish Friday reaction.

As today opened equally green, we technically view this sequence as the start of the new Bullish Leg of the pattern, which may be confirmed today if the 1D RSI breaks above its MA (yellow trend-line), as both previous Bullish Legs did.

Our Target is 22600, which represents a +9.00% rise, the minimum a Bullish Leg had within this Channel Up.

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