The Nasdaq is still demonstrating a robust bullish trend on the 1-hour time frame, as indicated by its consistent price movements within a bullish channel. The price structure shows undeniable buyer dominance, with each correction being taken as an opportunity for increasing buy positions. The ZigZag indicator reinforces this positive sentiment, displaying a continual formation of higher highs and higher lows, suggesting that further upward movement remains highly probable.
Additional support is provided by the upward-sloping Moving Average (MA), which indicates that buying pressure remains strong and is pushing prices to higher levels. As long as the price stays above the middle line of the channel and technical indicators remain favorable, the Nasdaq’s chances of continuing its upward trend remain significant. The current focus is on the potential testing of the nearest resistance level, which, if breached, could pave the way for additional rises in the near future.
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The maintained bullish channel on the 15-minute time frame continues to support Nasdaq’s movement, indicating that the short-term upward trend remains dominant. The CCI indicator being in the oversold area increases the likelihood of a rebound, aligning with the potential for buyers to re-enter the market. With this technical backing, Nasdaq is likely to continue its upward trajectory to test the nearest resistance level at 23,448 shortly.
Technical Reference: buy while above 23,168
Potential Take Profit 1: 23,410
Potential Take Profit 2: 23,448
Potential Stop Loss 1: 23,213
Potential Stop Loss 2: 23,168
