The Nasdaq has displayed a robust upward movement after prices bounced off the lower end of the bullish channel on the 1-hour timeframe. The technical structure remains consistently inclined upwards, with the Zigzag pattern forming an uptrend, indicating sustained buying pressure. The price rebound from the lower boundary of this channel suggests that buyers are still in control, preserving the bullish momentum despite market volatility. This scenario also signals that the Nasdaq has a solid technical foundation to continue its upward trajectory in the short term.
Additional support is provided by the CCI indicator, which has managed to rebound from the oversold area, confirming a new wave of momentum from the buyers. This technical reaction increases the likelihood of the Nasdaq moving higher and testing the nearest resistance in the upcoming sessions. As long as the price stays above the low channel and does not break below, the potential for an upward movement remains dominant. The combination of the Zigzag uptrend signal, the current price location within the bullish channel, and the CCI confirmation offers a positive bias towards the continuation of Nasdaq’s strength.
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The strengthening momentum becomes increasingly valid as the MACD ascends into positive territory, indicating that buying pressure remains dominant. The combination of a sturdy bullish channel, moving averages confirming the upward trend, and MACD supporting the movement’s direction reinforces the potential for a continued rally. Market attention is now focused on the resistance level of 25,758, which serves as a critical threshold to determine whether the Nasdaq can sustain its rally towards higher areas.
Technical Reference: buy as long as it stays above 25,580
Potential Take Profit 1: 25,717
Potential Take Profit 2: 25,758
Potential Stop Loss 1: 25,617
Potential Stop Loss 2: 25,580
