The Nasdaq continues to exhibit a robust upward trend in the 1-hour time frame, with price movements clearly following a well-defined bullish channel. Buyer pressure remains predominant, as market participants are taking short-term corrections as opportunities for accumulation. In the European session, the market’s response to the release of economic data and global sentiment has further reinforced this positive bias. The higher high and higher low patterns displayed by the ZigZag indicator signal that the upward trend remains strong, and the possibility for trend continuation is still wide open.
Additional supporting technical factors come from the Moving Average (MA) line that consistently trends upwards, while the MACD indicator remains within the positive zone, illustrating that bullish momentum continues to dominate. As long as prices stay above the lower boundary of the channel and no significant reversal signals are formed, the potential for further strengthening is maintained. Market focus during the European session is now directed towards developments in risk appetite and economic data that could trigger movements toward the next resistance.
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The Nasdaq is likely to continue its ascent on the 15-minute time frame after successfully breaking through the upper area of the Bollinger Bands, indicating a renewed strengthening of buying pressure. This breakout is supported by the MACD indicator residing in the positive region, reflecting solid bullish momentum. As long as the prices remain above the upper band serving as dynamic support, the Nasdaq has the potential for further upward movement to test the nearest resistance at the level of 23,230.
Technical Reference: buy while above 23,020
Potential Take Profit 1: 23,020
Potential Take Profit 2: 23,230
Potential Stop Loss 1: 23,060
Potential Stop Loss 2: 23,020
