The Nasdaq index has seen a slight correction after hitting its highest historical levels, yet the bullish trend continues to hold firm. Prices are still moving within a bullish channel on the 1-hour chart, signifying that the upward trend structure remains untouched. The Zigzag indicator’s ongoing formation of higher highs suggests that the market still possesses considerable buying strength. This correction can be viewed as a healthy adjustment before a potential continuation of upward momentum.
Additional technical support is provided by the Moving Average (MA), which continues to trend upwards, along with the MACD indicator being in positive territory, reinforcing the bullish outlook for the Nasdaq. As long as prices stay within the bullish channel, the opportunity for continued ascent towards new peak levels remains open. The combination of Zigzag signals, bullish MA, and a positive MACD forms a strong foundation indicating that market sentiment leans towards strengthening.
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On the 15-minute chart, the Nasdaq continues to move within a bullish channel, with the Moving Average (MA) showing a slight flattening yet still indicating an upward trend. Meanwhile, the Stochastic indicator’s rebound from the oversold zone offers additional momentum for potential strengthening, creating opportunities for the Nasdaq to advance towards the resistance area around 24,032.
Technical Reference: buy above 23,820
Potential Take Profit 1: 23,987
Potential Take Profit 2: 24,032
Potential Stop Loss 1: 23,862
Potential Stop Loss 2: 23,820
