The Nasdaq index on the 1-hour timeframe continues to exhibit a strong upward trend. Prices are consistently creating higher highs and higher lows, indicating the unwavering strength of buyers in the market. As long as the price remains above the dynamic support line, there is a significant potential for the positive trend to persist. Even amidst light corrections, many market participants are seizing these opportunities to re-enter buy positions.
From a technical perspective, this upward trend is bolstered by consistent signals. The zigzag pattern reveals an orderly ascent, while the Moving Average (MA) is trending upward and functions as a dynamic support. Unless significant negative sentiment emerges, the Nasdaq stands a good chance of further strengthening and breaking through the next resistance level.
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On the 15-minute timeframe, the Nasdaq is beginning to show potential for gains after successfully breaking through the upper boundary of the bearish channel that has been constraining price movement. Buy activity has intensified significantly, as evidenced by a price surge that not only surpassed the upper channel but also breached the Moving Average (MA) line. This movement suggests that selling pressure is waning, and buying interest is on the rise in the short term. With the price successfully exiting from the previous support zone, the path is clear to continue the upward trend towards the next resistance level. As long as the price stays above the breakout area, there is still considerable potential for an increase towards the target of 23,090.
Technical Reference: buy above 22,800
Potential Take Profit 1: 23,055
Potential Take Profit 2: 23,090
Potential Stop Loss 1: 22,838
Potential Stop Loss 2: 22,800
