The Nasdaq is beginning to exhibit signs of a directional shift as it has successfully breached the resistance level of the bearish channel in the 1-hour timeframe. This breakout serves as a crucial indicator that selling pressure is weakening, while buying activity is starting to gain momentum. The movement out of the bearish structure during the U.S. trading session tonight points to a transition toward a more stable bullish phase, reflecting a short-term shift in market sentiment.
Support for the potential upswing is also evident from various technical indicators that are aligned in favor of bullish momentum. The rising Moving Average, the ZigZag pattern forming higher highs, and a strengthening MACD in positive territory all indicate that buyers are now gaining stronger control. As long as the prices remain above the breakout zone, the chances for a continued rally remain wide open, providing room for the market to target the next resistance level.
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The bullish trendline is beginning to take shape on the 15-minute timeframe, supported by a still-increasing MA and the CCI recovering from the oversold area, signaling that the recovery momentum is strengthening within the Nasdaq Composite. With this cohesive set of technical signals, the index stands a chance to continue its ascent toward testing the resistance around 25,455.
Technical Reference: buy while above 25,065
Potential Take Profit 1: 25,388
Potential Take Profit 2: 25,455
Potential Stop Loss 1: 25,130
Potential Stop Loss 2: 25,065
