The Nasdaq continues to operate within an unwavering bullish channel, indicating that the upward trend remains robust in the 1-hour timeframe. The consistent price movements forming higher highs and higher lows underline the strength of the buyers, with the rally persistently drawing closer to previous peak levels. This technical structure serves as a strong sign that market participants still have faith in the upward direction, particularly as long as prices stay within the confines of the channel.
Further support arises from the zigzag indicator, which continues to follow an upward trend pattern, alongside the Moving Average (MA) that remains upward-facing. These two indicators reinforce the signals that buying pressure is still in play and the potential for continued record price achievements is wide open. As long as there are no sharp reversals or significant selling pressure at the main resistance levels, the Nasdaq is positioned well to continue its bullish rally in the near future.
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In the 15-minute timeframe, the Nasdaq also demonstrates a solid upward trend strength, supported by an upward-facing Moving Average (MA) and a consistent uptrend trendline that keeps price movements aligned within a bullish path. Additionally, the MACD indicator remains in positive territory, enhancing the upward momentum and indicating that buyers continue to dominate the market. With this technical signal combination, the Nasdaq has a significant opportunity to extend its rally and test the next resistance level around 23,395.
Technical Reference: buy while above 23,188
Potential Take Profit 1: 23,348
Potential Take Profit 2: 23,395
Potential Stop Loss 1: 23,235
Potential Stop Loss 2: 23,188
