The Nasdaq on the hourly chart is beginning to show signs of a trend change after successfully breaking above the high in the bearish resistance channel. This movement indicates a waning selling pressure that previously dominated the market, while also opening up the possibility for a recovery phase. As long as the price remains above the breakout zone, the movement bias is starting to shift towards bullish, providing Nasdaq the room to continue its ascent.
From a technical perspective, the potential strength of the Nasdaq is further confirmed by the Moving Average and ZigZag indicators, which are trending upwards, reflecting the formation of an increasingly healthy upward structure. Additionally, the MACD remaining in positive territory reinforces that buying momentum is strengthening, supporting the continued upward trend scenario. This combination of signals enhances the chances of Nasdaq testing its nearest resistance area in the near future.
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Meanwhile, on the 15-minute chart, the Nasdaq also indicates signs of strength after successfully breaking through the resistance level, which also marks the upper boundary of the bearish channel. This breakout serves as an initial confirmation of the trend direction change on the lower time frame, with an upward structure starting to form and supporting price movements. Given these conditions, Nasdaq has the potential to continue its upward trend and test the resistance area at 25,505 soon.
Technical Reference: buy while above 25,145
Potential Take Profit 1: 25,447
Potential Take Profit 2: 25,505
Potential Stop Loss 1: 25,220
Potential Stop Loss 2: 25,145
