On the 1-hour chart, the Nasdaq has begun to exhibit bullish signals following a successful breach of the previously dominant bearish trendline. The formation of a Zigzag pattern further strengthens the indication of a directional shift, highlighted by the creation of increasingly higher swing lows, and the price is now positioned above the Moving Average (MA), acting as a dynamic support. This situation suggests that the influence of buyers is becoming evident, paving the way for potential short-term gains.
The upward momentum is further affirmed following the trendline breakout, supported by a combination of MA and Zigzag, which emphasizes the consistency of the bullish direction. As long as the price remains above the breakout zone, the potential for the Nasdaq to strengthen remains intact, aiming for the nearest resistance, although short-term corrections should still be monitored if the price falls below the MA.
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Conversely, on the 15-minute chart, the Nasdaq has also confirmed a directional shift through its successful breach of the previous bearish channel that had constrained prices. This break high serves as an initial signal of the emergence of a short-term upward trend, supported by the MA which now aligns with the bullish momentum. With this technical support, the Nasdaq has the opportunity to extend its rally toward resistance at 23,700, marking a crucial area for testing the strength of the next strengthening trend.
Technical Reference: buy while above 23,465
Potential Take Profit 1: 23,668
Potential Take Profit 2: 23,700
Potential Stop Loss 1: 23,510
Potential Stop Loss 2: 23,467
