The Nasdaq is demonstrating a robust and consistent bullish trend as prices have successfully breached the resistance level of the previously established ascending channel. This breakout signifies that the buyers are firmly in control of the market direction, reinforcing the belief that the upward momentum is still ongoing. The price structure remaining above the primary trend line underscores the consistency of the positive trend, where each correction so far appears to be merely a pause phase before the emergence of another potential upswing.
Technical support further bolsters this bullish outlook. The Zigzag indicator continues to display a sustained upward pattern, while the sharply rising Moving Average (MA) signals that the strength of the trend remains on the side of the buyers. This combination of signals presents an opportunity for the Nasdaq to continue its rally towards the next resistance levels in the short term. As long as prices stay above the breakout area, the intraday bias is expected to remain positive with the potential for ongoing upward trends in the upcoming sessions.
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Meanwhile, the price bounce from the lower boundary of the Bollinger Bands (BB) shows a strong sign of a rebound, with the BB beginning to widen upward as an indication of increasing buying momentum. Additional support is provided by the MACD indicator, which remains in positive territory, enhancing the outlook for price increases in the near future. Based on this technical signal combination, the Nasdaq has the potential to strengthen further toward the key resistance area around 26,075, affirming that the upward trend continues to dominate.
Technical Reference: buy while above 25,817
Potential Take Profit 1: 26,030
Potential Take Profit 2: 26,075
Potential Stop Loss 1: 25,865
Potential Stop Loss 2: 25,817
