The formation of a bullish channel on the Nasdaq in the 1-hour timeframe indicates a strong technical signal that the upward trend remains intact. The price structure continues to exhibit an upward pattern showcasing the dominance of buyers, while the ZigZag indicator, which is forming higher lows and higher highs, further confirms the continuation of this bullish trend. This suggests a positive market sentiment, as market participants appear more willing to push prices to higher levels.
Moreover, the upward slope of the moving average (MA) adds solid technical support for the Nasdaq to continue its bullish trajectory. As long as prices stay above the MA line and do not break out of the channel, the chances for further upward movement are anticipated to remain open. With this combination of signals, the Nasdaq is likely to continue its positive momentum and test the nearest resistance level, which represents a crucial area for the continuation of the next upward momentum.
Recommended
Recommended
Recommended
Recommended
The Nasdaq’s movement is showing bullish signals after the price successfully broke out of the symmetrical triangle pattern in the 15-minute timeframe, supported by an upward slope of the MA, marking an initial confirmation of an uptrend. This increasing buying pressure opens opportunities for the index to continue rising and prepares to test significant resistance at the level of 25,610, an area that could trigger further momentum if breached.
Technical Reference: buy as long as above 25,367
Potential Take Profit 1: 25,565
Potential Take Profit 2: 25,610
Potential Stop Loss 1: 25,405
Potential Stop Loss 2: 25,367
