The Nasdaq continues to exhibit a robust upward potential, as evidenced by its price movements on the hourly chart which stay firmly within a bullish channel. The consistent upward price structure indicates persistent buying power, while the zigzag indicator reinforces a strengthening trend that aligns with market direction. This combination of technical signals suggests that the Nasdaq is well-positioned to continue its rally and possibly break through the nearest resistance level.
Additional confirmation arises from the zigzag pattern continuously forming higher levels, bolstering the view that the bullish trend remains intact. As long as the price remains above the lower boundary of the channel, the outlook for the Nasdaq remains positive with opportunities to extend the upward momentum. This signals a strong indication that the index has room to climb higher in the near future.
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On the 15-minute chart, the Nasdaq also displays a bullish channel, affirming short-term upward prospects. Additional support is provided by the Moving Average (MA) movement, which, despite being flat, trends upward, thus strengthening the buyers’ dominance in the market. Given these technical conditions, the probability of a continued rally appears increasingly favorable, with targets set to test significant resistance near the 24,078 level.
Technical Reference: buy as long as above 23,909
Potential Take Profit 1: 24,045
Potential Take Profit 2: 24,078
Potential Stop Loss 1: 23,950
Potential Stop Loss 2: 23,909
