The Nasdaq is showcasing robust bullish momentum as it successfully breaks through the previously established bearish trendline, which had been a major selling pressure point. This breakout coincides with the breaking of the pullback zone, a critical area that validated the downward trend for quite some time. This price action signals a shift in the market from a corrective phase into a new upward trend, indicating short-term buyer dominance and opening doors for potential further increases.
The technical structure on the 1-hour timeframe also supports this positive outlook. The movement of the Moving Average (MA) is starting to trend upward, highlighting a shift in short-term momentum. Additionally, a zigzag pattern is forming higher lows and higher highs, indicative of a healthy upward trend. As long as prices remain above the breakout area and do not revert below the breached trendline, the technical sentiment will continue to favor the possibility of rising towards the next resistance.
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Meanwhile, this evening’s session shows strengthening signals on the 15-minute timeframe. The MA’s upward trajectory, combined with the MACD indicator operating within a positive zone, reinforces the view that buying pressure remains dominant. With sustained technical momentum, the Nasdaq has the potential to test the nearest resistance level around 23,737, with a likelihood of continued movement should significant counter-pressure from sellers not emerge.
Technical References: buy while above 23,373
Potential Take Profit 1: 23,665
Potential Take Profit 2: 23,737
Potential Stop Loss 1: 23,443
Potential Stop Loss 2: 23,373
