The Nasdaq index on the hourly chart continues to operate within a bullish channel, confirming that the upward trend is intact, even though prices have yet to achieve a breakout upwards. The stability of this pattern indicates that buyers are still in control of market direction, while the consistent price movement within the channel suggests a market inclination to seek buying opportunities, albeit with more caution.
Technically, the Moving Average (MA) is starting to flatten but still indicates a bullish tendency. On the other hand, the Zigzag indicator continues to form a pattern of Higher Highs (HH) and Higher Lows (HL), further strengthening the bullish outlook. As long as prices do not breach the main support of the channel, the potential for continuing the positive trend remains wide open.
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On the 15-minute chart, Nasdaq shows a continued dominance of buyers as the price remains within an upward channel. This movement is further confirmed by the MA, which is beginning to rise, signaling that bullish momentum is gaining strength once more. With this technical support, Nasdaq is positioned to continue its upward movement during tonight’s US session, targeting a significant resistance level around 24,077.
Technical Reference: buy as long as it stays above 23,966
Potential Take Profit 1: 24,100
Potential Take Profit 2: 24,142
Potential Stop Loss 1: 24,000
Potential Stop Loss 2: 23,966
