The Nasdaq is showcasing a robust bullish strength once again after successfully breaking through the previous bearish trendline that had served as a resistance against selling pressure. This breakout coincides with a breakthrough of the pullback area, which has long acted as a validation point for the downtrend. This price action suggests that the market has shifted from a corrective phase to a new upward trend, indicating short-term buyer dominance and paving the way for further price increases.
The technical structure on the 1-hour timeframe also supports this positive outlook. The movement of the Moving Average (MA) is trending upwards, reflecting a short-term momentum shift. Simultaneously, a zigzag pattern is creating higher lows and higher highs, a hallmark of a healthy upward trend. As long as the price continues to remain above the breakout zone and does not fall back below the breached trendline, the technical sentiment will favor the potential rise towards the next resistance level.
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Meanwhile, during tonight’s session, signs of strengthening are also observable on the 15-minute timeframe. The upward trajectory of the MA combined with the MACD indicator operating in the positive territory reinforces the notion that buying pressure remains prevalent. With maintained technical momentum, the Nasdaq has the potential to test the nearest resistance level around 23,810, with the possibility of further movement unless significant pushback from sellers occurs.
Technical References: buy as long as above 23,584
Potential Take Profit 1: 23,770
Potential Take Profit 2: 23,810
Potential Stop Loss 1: 23,625
Potential Stop Loss 2: 23,585
