The Nasdaq continues to exhibit positive indicators after successfully breaking through the upper boundary of a bearish channel on the hourly chart (H1), creating an opportunity for an upward trend to persist. This movement is reinforced by bullish signals from the Moving Average (MA), highlighting a favorable momentum.
On the technical graph, the Nasdaq is currently trading above the 24-period MA line, suggesting strength in the short-term upward trend. This breakout signals a waning selling pressure, while buying interest appears to be on the rise. Additionally, other indicators, such as the RSI, are positioned in a neutral zone but trending upwards, indicating ample room for further gains in the Nasdaq.
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In line with the analysis on the hourly chart, the 15-minute chart also displays bullish signals as both MA and MACD show upward momentum. If the scenario unfolds as predicted, the Nasdaq could find itself testing the resistance level at 21,905.
Technical Reference: buy as long as it stays above 21,565
Potential Take Profit Level 1: 21,835
Potential Take Profit Level 2: 21,905
Potential Stop Loss Level 1: 21,640
Potential Stop Loss Level 2: 21,564
