The Nasdaq index is poised to continue its upward trajectory, fueled by favorable signals from a bullish channel pattern and robust technical indicators. Support from the Moving Average (MA) and Moving Average Convergence Divergence (MACD) reinforces the notion that the bullish momentum is intact, presenting opportunities for the Nasdaq to challenge new peak levels.
The Nasdaq has successfully maintained its position within a confirmed bullish channel, with prices oscillating between the upper and lower boundaries of the channel. This formation signifies that the upward trend remains valid, placing prices on a solid path for further gains. Should prices break through the upper boundary of the channel accompanied by increased trading volume, the likelihood of sustained upward movement will significantly rise.
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Aligning with the hourly chart analysis, the 15-minute chart above also indicates a buying signal as both MA and MACD show bullish trends. Should the scenario unfold as anticipated, the Nasdaq could rise to test the resistance level at 21,730.
Technical Reference: buy while above 21415
Potential Take Profit 1: 21,650
Potential Take Profit 2: 21,730
Potential Stop Loss 1: 21,470
Potential Stop Loss 2: 21415
