The Nasdaq index is showcasing strong potential for further gains after maintaining its upward structure on the 1-hour chart. A resistance become support (RBS) pattern seems to be forming, indicating a healthy trend transition from a consolidation phase to a continuation of the upward trend. This condition signifies that buyers are still leading the price movements, while selling pressure appears to be diminishing. As long as the price holds above the newly established support area, the chances for Nasdaq to continue its ascent towards nearby resistance remain quite favorable during tonight’s US session.
From a technical perspective, momentum indicators continue to support the prevailing bullish trend. The rising direction of the Moving Average (MA) reinforces the bullish signals, while the establishment of a higher low indicates that the market is still on a positive trajectory. With this combination of price patterns and solid technical support, there is ample potential for the Nasdaq to extend its upward rally in the near future, provided there is no significant drop below the newly established support that is now the main foundation for buyers.
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On the 15-minute timeframe, the bullish signals appear increasingly convincing after prices broke through the previously dominant bearish trendline. The MA’s upward reversal serves as an additional confirmation of the trend’s strength, creating openings for Nasdaq to pursue its rally towards critical resistance around 25,315.
Technical References: buy as long as above 25,103
Potential Take Profit 1: 25,272
Potential Take Profit 2: 25,315
Potential Stop Loss 1: 25,140
Potential Stop Loss 2: 25,103
