The Nasdaq index continues to uphold its upward trend by moving steadily within a bullish channel on the 1-hour timeframe. This technical structure indicates a strong presence of buying pressure, where each price correction has been met with renewed buying interest. The Moving Average (MA) indicator confirms the consistently positive trend, while the Zigzag pattern reveals a persistent formation of higher highs and higher lows, bolstering expectations for a continuation of the rally.
With such robust technical support, the market is preparing to greet the US trading session tonight with continued optimism. If the buying pressure persists, the Nasdaq could attempt to challenge the next resistance level, especially if the risk-on sentiment prevails, driven by expectations of more accommodative monetary policy from the Fed and resilient US economic data.
Recommended
Recommended
Recommended
Recommended
The Nasdaq is signaling further strengthening on the 15-minute timeframe, as prices have managed to break the previous highs and exceed the upper boundary of the Bollinger Bands, indicating robust buying momentum. The MACD indicator further supports this trend with the histogram remaining in positive territory, reinforcing a bullish short-term bias. Given this situation, the Nasdaq is likely to continue its ascent this evening and prepare to test significant resistance at the level of 23,260.
Technical Reference: buy as long as it stays above 23,030
Potential Take Profit 1: 23,212
Potential Take Profit 2: 23,260
Potential Stop Loss 1: 23,070
Potential Stop Loss 2: 23,030
