The Nasdaq index on the 1-hour chart is beginning to display signs of a trend shift as it manages to breach the recent high above the bearish channel resistance zone. This movement suggests a diminishing selling pressure that previously dominated the market, paving the way for a potential recovery phase. As long as prices remain above the breakout area, the directional bias is shifting towards bullish, providing Nasdaq the opportunity to continue its upward trajectory.
From a technical standpoint, the potential strengthening of Nasdaq receives additional confirmation from the Moving Average and ZigZag indicators, which are both trending upwards, indicating the establishment of a healthier upward structure. Furthermore, with the MACD in the positive territory, it reinforces that buying momentum is gaining strength and supports the continuation of the bullish trend. This combination of signals enhances the likelihood of Nasdaq testing the nearest resistance area soon.
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Meanwhile, on the 15-minute chart, Nasdaq is also indicating strengthening signals after breaking through the resistance area, which coincides with the upper boundary of the bearish channel. This breakthrough serves as an initial confirmation of a directional trend change on the lower time frame, as an upward structure begins to form, supporting price movement. Given this condition, Nasdaq is positioned to continue strengthening and test the resistance zone at 25,885 in the near term.
Technical Reference: buy as long as above 25,495
Potential Take Profit 1: 25,790
Potential Take Profit 2: 25,885
Potential Stop Loss 1: 25,587
Potential Stop Loss 2: 25,495
