The current movement of the Nasdaq on the 1-hour time frame is establishing a bullish channel, indicating a strong potential for further upward movement. The zigzag pattern that forms the uptrend structure illustrates that the market is in a consistent strengthening phase, where each price pullback presents new opportunities for buyers to re-enter the market. This dominance of buying pressure signifies that the market sentiment towards the Nasdaq remains optimistic, with potential targets aimed at testing resistance at higher levels.
The technical support is further reinforced by the upward movement of the Moving Average (MA) and the MACD indicator remaining in positive territory. The combination of these two indicators serves as an additional signal that the bullish momentum is still well-maintained. As long as prices continue to navigate within the rising channel and do not break through the key support levels, the opportunity for a sustained rally remains wide open, providing attractive profit potential for market participants who are aligned with this trend.
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The bullish trendline established on the 15-minute time frame, along with the gradually rising Moving Average (MA) and the MACD indicator being in positive territory, suggests that the Nasdaq still holds the opportunity to continue its upward trajectory. The combination of these technical signals reflects that the bullish momentum remains intact, with buyers still firmly in control and poised to push prices towards the next resistance level at 23,737.
Technical Reference: buy as long as above 23,373
Potential Take Profit 1: 23,664
Potential Take Profit 2: 23,737
Potential Stop Loss 1: 23,443
Potential Stop Loss 2: 23,373
