The buying pressure in Nasdaq remains robust, evidenced by the formation of a well-defined bullish channel on the 1-hour chart. The price consistently moving within this channel signals that the upward trend is firmly intact. The rising direction of the Moving Average (MA) further strengthens the bullish bias, indicating that the buyers are still in command of the market.
Technical indicators also affirm the trend direction, with aligned patterns supporting the potential for further gains. The combination of the sustained bullish channel, the upward movement of the MA, and positive signals from the indicators solidifies the outlook for increases, allowing Nasdaq to continue its short-term rally before testing significant resistance levels.
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On the 15-minute chart, Nasdaq also maintains its bullish momentum. The established upward channel, the MA trending upwards, and the MACD holding steady in positive territory create a strong signal for potential increases. This environment opens doors for Nasdaq to strengthen further and test the resistance around 24,155.
Technical Reference: buy while above 23,948
Potential Take Profit 1: 24,115
Potential Take Profit 2: 24,155
Potential Stop Loss 1: 23.995
Potential Stop Loss 2: 23,948
