The Nasdaq experienced a minor correction in tonight’s US session after reaching its all-time high; however, the bullish trend remains intact. Prices continue to move within a bullish channel on the hourly chart, indicating that the upward trend structure has not been compromised. The Zigzag indicator consistently forming a rising pattern signals that the market still possesses solid buying strength. This correction can be seen as a healthy adjustment before a potential continuation of the upward momentum.
Technical support is also illustrated by the Moving Average (MA) which is still trending upward and the MACD indicator operating in the positive zone, reinforcing the bullish outlook for Nasdaq. As long as prices stay within the bullish channel, the possibility of pushing toward new highs remains open. The combination of Zigzag signals, bullish MA, and positive MACD forms a strong foundation that the market sentiment is still leaning towards appreciation.
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On the 15-minute chart, Nasdaq continues to operate within a bullish channel, with the MA showing a slight flattening but still indicating an upward trend. Meanwhile, the Stochastic indicator, which has rebounded from the oversold territory, provides additional momentum for potential strengthening, paving the way for Nasdaq to test the resistance around 23,962 in tonight’s US session.
Technical References: buy while above 23,710
Potential Take Profit 1: 23,915
Potential Take Profit 2: 23,960
Potential Stop Loss 1: 23,762
Potential Stop Loss 2: 23,710
