The Nasdaq is showing potential for further gains as the price has successfully maintained itself above the Moving Average (MA), which serves as a dynamic support in the upward trend. While the price remains above the MA, the bullish momentum persists, creating opportunities for a continuation of the rally towards the next resistance level. This strength is further bolstered by an increase in buying volume, indicating that market interest in risk assets remains high. If buying pressure continues, the Nasdaq may test the nearest resistance level.
Additional confirmation is provided by the MACD indicator, where the MACD line is positioned above the signal line, while the histogram reflects an increase in positive momentum. This condition suggests that buying pressure is intensifying, signaling that the Nasdaq still has room to climb higher.
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On the 15-minute chart, the Nasdaq has the opportunity to continue rising as it remains within a bullish channel, indicating that the upward trend is still dominant. The recent correction brought the price closer to the lower channel support, which could serve as a rebound point for further increases. Additionally, the Commodity Channel Index (CCI) has rebounded strongly from the oversold area and is starting to turn upward, indicating potential for a rebound alongside increasing buying pressure. If the Nasdaq manages to stay within the channel and the CCI continues to trend upwards, the index may test the resistance level of 22,385.
Technical References: buy while above 22,135
Potential Take Profit 1: 22,348
Potential Take Profit 2: 22,385
Potential Stop Loss 1: 22,205
Potential Stop Loss 2: 22,135
