The Nasdaq has exhibited impressive performance amidst a prevailing upward trend that remains intact. Following a brief correction that formed a minor bearish channel, this movement is now appearing as a healthy consolidation phase, which actually reinforces the foundation of the rally. The sustained prices above the main trend line indicate that selling pressure is still limited and has not significantly altered the movement direction. This scenario reflects that positive sentiment within the technology sector is robust, supported by increasing investor confidence regarding market prospects.
From a technical standpoint, the combination of the Zigzag indicator and Moving Average (MA) continues to show consistent bullish signals. As long as the price stays above the minor channel support area, the potential for a bullish continuation remains viable, especially with rising buying activity expected during the US session this evening. A stable trajectory above the support level demonstrates that buyers still retain control, while any corrections are likely being utilized as accumulation opportunities.
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Meanwhile, the price bounce from the lower Bollinger Bands (BB) indicates the potential for a continued healthy rebound. The expanding upward direction of the BB signifies strengthening bullish momentum, while the positive movement in MACD provides additional confirmation that buying pressure is ongoing. With this solid combination of technical signals, the Nasdaq is well-positioned to maintain its upward trend and test the nearest resistance area around 26,020 in the near future.
Technical Reference: buy while above 25,687
Potential Take Profit 1: 25,963
Potential Take Profit 2: 26,020
Potential Stop Loss 1: 25,755
Potential Stop Loss 2: 25,687
