The Nasdaq index is maintaining a robust upward trend, consistently remaining within a bullish channel that has yet to be breached downward. This indicates that the buyer’s strength remains intact, with continuous buying pressure propelling prices in a positive direction. As long as the price structure stays within this channel, there are no signs of a reversal indicating a weakening trend.
From a technical perspective, the outlook for further increases is supported by various indicators. The formation of higher highs and higher lows in the Zigzag indicator highlights the characteristics of a bullish trend, while the upward-moving Moving Average (MA) reinforces the positive signals. Provided the price does not drop below the lower boundary of the channel and there are no signs of negative divergence, the Nasdaq on the hourly timeframe still has room to strengthen towards the next resistance level.
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In the short term, the potential for a rebound has emerged after Nasdaq established a bullish trend on the 15-minute timeframe. Currently, prices are hovering around the trendline, which often serves as a pivot point for upward reversals. Moreover, the CCI indicator is signaling an oversold condition, indicating that selling pressure is beginning to wane. This combination gives Nasdaq a good chance to regain strength and test the resistance level around 23,465.
Technical Reference: buy as long as above 23,272
Potential Take Profit 1: 23,435
Potential Take Profit 2: 23,465
Potential Stop Loss 1: 23,307
Potential Stop Loss 2: 23,272
