Is the Hammer Candle on NASDAQ a Bullish Omen?

Today, we pivot our gaze to Nasdaq, with the backdrop of indices pushing northward, partly galvanized by the slightly amplified inflation figures emerging from the US. Let’s delve deeper into the technicalities defining Nasdaq’s recent trajectory.

The highlight of today’s trading landscape is the emergence of a ‘hammer’ candlestick formation, which is distinctly marked in green on our chart. But what makes this hammer pivotal is its strategic positioning. This isn’t just a random oscillation; it’s firmly rooted on the mid-term uptrend line, a steadfast support that has been bolstering buyers for the last five consecutive trading sessions. This crucial line stands out in a stark black on our chart.

The bounce from this support can be safely interpreted as a bullish sign. But where does Nasdaq go from here? That’s where our target, the purple downtrend line, comes into play. This line intriguingly links the lower highs tracing back to the 19th of July. A triumphant breach of this purple barrier would unequivocally serve as a clarion call for a mid-term buy for Nasdaq enthusiasts.

In the swirling dynamics of the market, Nasdaq seems to be signaling an optimistic tune, with the prevailing winds suggesting a bullish scenario. Stay tuned as we track its journey

Source: https://www.axiory.com/analytics/technical-analysis/is-the-hammer-candle-on-nasdaq-a-bullish-omen