The Nasdaq continues to demonstrate a strong upward trend on the 1-hour time frame, moving within a well-defined bullish channel. Buying pressure remains dominant, with market participants using each short-term correction as an opportunity to accumulate. In the previous European session, the market’s reaction to the release of economic data and global sentiment further reinforced this positive bias. The higher highs and higher lows displayed by the ZigZag indicator signal that the upward trend remains robust, and the potential for a continuation of this trend remains wide open heading into tonight’s US session.
Additional supporting technical factors come from the Moving Average (MA) line, which is consistently trending upward, while the MACD indicator remains in positive territory, indicating that the bullish momentum is still prevailing. As long as prices stay above the lower boundary of the channel and no significant reversal signals emerge, the potential for further strengthening remains intact. In tonight’s US session, market focus will shift towards developments in risk appetite and upcoming data that could trigger movements towards the next resistance level.
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Meanwhile, on the 15-minute time frame, the Nasdaq also shows signs of recovery after successfully rebounding from the lower area of the Bollinger Bands. This positive signal is reinforced by the Stochastic indicator, which has sharply shot out of the oversold area, reflecting a reduction in selling pressure and the entry of buyers into the market. If this positive sentiment continues into tonight’s US session, the chances of a short-term increase testing resistance around the 23,170 level will grow stronger. Traders are advised to monitor price reactions to this resistance zone to gauge the potential for continued market direction.
Technical References: buy while above 22,938
Potential Take Profit 1: 23,133
Potential Take Profit 2: 23,170
Potential Stop Loss 1: 22,980
Potential Stop Loss 2: 22,938
