The Nasdaq continues to exhibit a robust bullish trend, remaining within a bullish channel that has not been broken downwards. This indicates that the buyers still hold significant strength, with consistent buying pressure maintaining price movements in a positive direction. As long as the price structure remains within this channel, there are no signs of a reversal indicating a weakening trend.
From a technical standpoint, the outlook for price increase is supported by several indicators. The higher high and higher low patterns formed by the Zigzag indicator reinforce the characteristics of a bullish trend, while the upward-sloping Moving Average (MA) further strengthens the positive signal. Provided the price does not drop below the channel’s lower boundary and there is no indication of negative divergence, the Nasdaq on the 1-hour time frame still has potential to strengthen towards the next resistance level.
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In the short term, opportunities for a rebound are emerging as the Nasdaq successfully breaks through a bearish trendline on the 15-minute time frame. Currently, prices are situated at the lower area of the Bollinger Bands, which often serves as a starting point for upward reversals. Moreover, the CCI indicator shows oversold conditions, signaling that selling pressure is beginning to lose momentum. With this combination, the Nasdaq has a chance to regain strength and test the resistance around 23,625.
Technical Insights: buy above 23,475
Potential Take Profit 1: 23,594
Potential Take Profit 2: 23,625
Potential Stop Loss 1: 23,500
Potential Stop Loss 2: 23,475
