The Nasdaq is exhibiting significant bullish momentum on the 1-hour chart after it successfully breached the blue shaded resistance area that previously obstructed price growth. This achievement indicates that buyers maintain strong dominance and can control the market direction. The price structure reveals a consistent uptrend, with the ZigZag indicator producing continuous higher highs and higher lows. This situation suggests that the upward trend remains robust, while the stable price position above the Moving Average (MA) line reinforces the persistent bullish momentum.
From a technical standpoint, the combined support from the ZigZag and MA signals that opportunities for further Nasdaq gains are wide open. As long as the price stays above the former resistance now transformed into support, the potential for continued strengthening remains intact. This strong buying momentum also reflects investors’ optimism regarding the index’s short-term movements. Given the favorable technical conditions, the Nasdaq is poised to extend its rally tonight to test the next resistance level and pave the way for a new high.
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On the 15-minute timeframe, Nasdaq also showcases potential for continued strengthening after it successfully broke through the resistance of the Bollinger Bands, indicating that buying pressure has regained dominance. The increasingly upward direction of the MA and the MACD’s position in positive territory further solidify this bullish bias. With a strong combination of technical signals, Nasdaq is likely to continue its ascent during the US session tonight, aiming to test the nearest resistance area around the 25,447 mark.
Technical Reference: buy while above 25,106
Potential Take Profit 1: 25,390
Potential Take Profit 2: 25,447
Potential Stop Loss 1: 25,167
Potential Stop Loss 2: 25,106
