The Nasdaq has once again demonstrated a robust bullish trend, with its price movements consistently staying within an upward channel on the 1-hour timeframe. The ongoing formation of higher highs and higher lows indicates that the buyers are firmly in control of market direction. Meanwhile, any selling pressure that has emerged so far has only been corrective and has not managed to alter the overall bullish sentiment, suggesting that the market remains optimistic and supports expectations for further upward movement.
From a technical perspective, the continually rising Moving Averages serve as a strong indicator that the bullish trend is still solid. As long as the price remains above the Moving Average and continues to move smoothly along the channel lines, there is ample opportunity for further gains. The consistency in technical structure, coupled with controlled volatility, further strengthens the foundation for short-term Nasdaq growth, implying that buyers maintain a significant grip on market momentum.
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This positive momentum is also supported by the MACD, which remains in positive territory, indicating that buying pressure has not diminished. The combination of rising Moving Averages, a bullish MACD, and a maintained uptrend channel reinforces Nasdaq’s potential to continue its rally towards subsequent resistance levels. The nearest target is set around 25,905, a crucial point in determining whether the index can extend its gains into higher areas.
Technical References: buy while above 25,720.
Potential Take Profit 1: 25,870
Potential Take Profit 2: 25,905
Potential Stop Loss 1: 25,755
Potential Stop Loss 2: 25,720
