The Nasdaq continues to display a robust bullish trend, with prices consistently moving within an upward channel. The zigzag pattern forming higher highs and higher lows underscores the dominance of buyers in the market direction. Strengthening signals are further validated by the upward trajectory of the Moving Average (MA), confirming that the Nasdaq’s upward trend remains solid this evening.
From a technical perspective, the combination of the bullish channel, zigzag patterns, and MA suggests that market sentiment is still inclined towards strengthening. As long as prices stay within the upward channel, the opportunity for further rallies towards the next resistance level remains open, while potential corrections are expected to be limited. This keeps the outlook for the Nasdaq positive, with a maintained bullish momentum during the US trading session tonight.
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On the 15-minute chart, the Nasdaq also remains within the bullish channel, bolstered by a rising MA, indicating further potential for increases. The index has the capability to test a crucial resistance level around 24,965, and if this level is convincingly breached, the pathway for a new rally will be increasingly open.
Technical References: buy while above 24,610
Potential Take Profit 1: 24,892
Potential Take Profit 2: 24,964
Potential Stop Loss 1: 24.665
Potential Stop Loss 2: 24,610
