The Nasdaq index is exhibiting remarkable performance, driven by the formation of a bullish channel observed in the price chart. This channel signifies that prices are moving in a consistent upward trend, characterized by higher support levels and continually establishing upward resistance. This trend indicates that the bullish momentum remains robust, creating opportunities for further price increases in the near term. The Moving Average (MA) indicator also supports this positive outlook, as prices persistently hover above the MA line, reflecting a dominating upward trend.
Moreover, the Moving Average Convergence Divergence (MACD) indicator reinforces these bullish prospects. The MACD line consistently staying above the signal line suggests that buying interest is escalating, with increasing positive momentum.
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On the 15-minute timeframe, both the Moving Average (MA) and the Commodity Channel Index (CCI) point towards solid upward potential for the Nasdaq. The MA, acting as a dynamic support level, guides the price movement in a bullish direction, while the CCI being in the positive zone confirms strong momentum. This situation could trigger the Nasdaq to rise once again and test the resistance at 21,970.
Technical Reference: buy as long as it stays above 21,738
Potential Take Profit 1: 21,925
Potential Take Profit 2: 21,970
Potential Stop Loss 1: 21,784
Potential Stop Loss 2: 21,738
