On the 1-hour chart, the Nasdaq maintains a steady position within a bullish channel, indicating that the buyers continue to hold control, despite the price struggling to breach significant resistance levels. This movement reflects a valid upward trend, with prices consistently following the course of the channel, even though there are signs of market caution in continuing the upward momentum.
From a technical perspective, the ZigZag indicator is still displaying a pattern of Higher Highs (HH) and Higher Lows (HL), which confirms that the bullish trend has not lost its strength. Furthermore, the Moving Average (MA) is trending upwards, strengthening the positive outlook, even though the pace of increase has slightly slowed down.
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Meanwhile, on the 15-minute chart, the Nasdaq remains within the bullish channel, supported by an upward-trending MA, reinforcing the potential for further strengthening. With this combination of signals, the opportunity for the Nasdaq to test significant resistance around 24,118 remains highly probable, and there is potential for new upward movement if this level is successfully breached.
Technical Reference: buy as long as above 24,093
Potential Take Profit 1: 24,170
Potential Take Profit 2: 24,188
Potential Stop Loss 1: 24.116
Potential Stop Loss 2: 24,093
