The Nasdaq has once again demonstrated its bullish strength by successfully breaking through a significant resistance level that had previously obstructed price movements. The price structure formed indicates a robust uptrend, supported by a rising Moving Average (MA) and a ZigZag indicator creating a series of higher highs and higher lows. This break of resistance confirms that buying pressure is beginning to dominate the market, paving the way for the Nasdaq to continue its upward momentum during tonight’s US session.
From a technical perspective, the Commodity Channel Index (CCI) also lends additional support after a strong rebound from oversold territory, signaling the potential for further price increases. The combination of signals from the MA, ZigZag, and CCI suggests that bullish momentum remains firmly intact. As long as prices stay above the newly formed support level, the chances for the Nasdaq to continue its rally toward the next resistance level remain wide open, buoyed by continually strengthening positive sentiment.
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The Nasdaq is showing signs of potential strengthening on a 15-minute timeframe after breaking the resistance on the Bollinger Bands, indicating that buying pressure is resurfacing in the market. The upward direction of the Moving Average (MA) and the MACD positioned in positive territory further bolster this bullish signal. With this combination of technical indicators, the Nasdaq has a good opportunity to continue rising during tonight’s US session, aiming to test the next resistance level around 25,375.
Technical Reference: buy as long as above 25,010
Potential Take Profit 1: 25,290
Potential Take Profit 2: 25,375
Potential Stop Loss 1: 25,088
Potential Stop Loss 2: 25,010
