The Nasdaq has once again demonstrated its resilience by reaching new all-time highs, despite experiencing a sharp correction in the previous trading session. This rapid resurgence signifies the continued dominance of buyer interest, while the upward trend remains intact. This situation serves as evidence that the market maintains confidence in growth prospects, making the selling pressure appear temporary.
From a technical perspective, the support for Nasdaq’s upward momentum is strengthened by the upward trajectory of the Moving Average (MA) and a consistent ZigZag pattern forming a series of higher highs. Additionally, the MACD indicator, situated in positive territory, reinforces the potential for further strengthening of this index. As long as the bullish sentiment prevails, the Nasdaq is poised to continue its rally and set new records in the upcoming trading sessions.
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The breakout within the bullish channel on the 15-minute chart serves as a strong indication that Nasdaq’s upward momentum is still intact. The technical support becomes increasingly evident with the sharply rising Moving Average (MA) line and the consistent ZigZag pattern creating a higher high structure, thus enhancing the likelihood of a continued rally. With this combination, Nasdaq has the potential to further strengthen its position and test the significant resistance level around 24,757.
Technical Reference: buy while above 24,500
Potential Take Profit 1: 24,694
Potential Take Profit 2: 24,757
Potential Stop Loss 1: 24,558
Potential Stop Loss 2: 24,500
