The Nasdaq index on the 1-hour chart is still moving within a bullish channel, indicating that the buyers remain dominant even though the price has yet to execute a breaklow. This scenario shows that the upward trend remains valid, with the price movement consistently adhering to an upward pattern. The sustained channel signals that the market continues to seek buying opportunities, although the strengthening momentum is unfolding with more caution.
From a technical perspective, the Moving Average (MA) indicators have started to flatten out, yet they still hint at a bullish tendency. Meanwhile, the Zigzag indicator continues to form a Higher High (HH) and Higher Low (HL) pattern, bolstering the bullish outlook. This combination of signals offers the Nasdaq the chance to continue its positive trend, provided that it does not break below the key support of the established channel.
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On the 15-minute chart, the Nasdaq has the opportunity to extend its bullish trend as the price remains trapped in an ascending channel, showcasing sustained strength from the buyers in the market. This signal is reinforced by the rising Moving Average (MA) trend, indicating that the strengthening momentum is becoming increasingly solid. With this technical backing, the Nasdaq is poised to pursue further gains, aiming to test a significant resistance level around 24,017.
Technical Reference: buy as long as it stays above 23,815
Potential Take Profit 1: 23,985
Potential Take Profit 2: 24,017
Potential Stop Loss 1: 23,850
Potential Stop Loss 2: 23,815
