The Nasdaq’s movement in the 1-hour time frame during the European afternoon session shows the establishment of a bullish channel, indicating a strong potential for further price increases. The zigzag pattern forming an uptrend solidifies the market’s consistent strengthening phase, where every price dip presents an opportunity for buyers to re-enter. This dominance of buying pressure suggests that market sentiment towards Nasdaq remains positive, with an objective to test resistance at higher levels.
Technical support is also gaining strength as the Moving Average (MA) trends upwards along with the MACD indicator residing in the positive zone. This combination serves as an additional signal that the bullish momentum is well-maintained. As long as prices continue moving within the upwards channel and do not breach critical support, the chance for a continued rally in this European afternoon session remains wide open, presenting attractive profit potential for market participants following this trend.
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The bullish trendline on the 15-minute time frame, supported by the Moving Average (MA) that, although flattening, still trends upwards, combined with the CCI indicator being in the oversold territory, also suggests that Nasdaq has further upside potential during this European afternoon session. This combination of technical signals indicates that buyers are still in control and could potentially drive prices to test the next resistance at 23,810.
Technical Reference: buy above 23,584
Potential Take Profit 1: 23,770
Potential Take Profit 2: 23,810
Potential Stop Loss 1: 23,625
Potential Stop Loss 2: 23,585
