The technical condition of the Nasdaq index on the 1-hour time frame continues to indicate a strong upward trend, bolstered by a well-established bullish channel. Prices are consistently forming higher highs and higher lows, signaling that the bullish trend is ongoing. The Zigzag indicator confirms this direction with an ascending sequence of peaks and troughs, while the upward-sloping Moving Average (MA) substantiates that buyers still control the market.
Additional technical signals arise from the Stochastic Oscillator, which has started to move upward from the oversold zone, hinting at a resurgence of buying pressure in the short term. This reaction reinforces the likelihood of a continued upward trend soon. As long as prices remain above the dynamic MA support line, the potential for further increases remains wide open, with the movement aiming towards the nearest resistance level.
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The Nasdaq price is currently confined within a bullish channel on the 15-minute time frame, indicating that the short-term trend is still dominated by buying pressure. The price structure continues moving between the upper and lower limits of the ascending channel, demonstrating consistent buyer interest that maintains the bullish momentum. Moreover, the CCI indicator, which has started to rebound from the oversold region, provides a signal that further price increases are still possible, as buyers are becoming more active at lower levels. With these conditions, the Nasdaq has the opportunity to strengthen further and test 23,600.
Technical Reference: buy as long as above 23,400
Potential Take Profit 1: 23,573
Potential Take Profit 2: 23,600
Potential Stop Loss 1: 23,445
Potential Stop Loss 2: 23,400
