The nascent bullish structure of the Nasdaq observed on the 1-hour time frame remains firmly intact, marked by a consistent formation of Higher Highs (HH) and Higher Lows (HL). This situation indicates that buying pressure continues to prevail, allowing the market to uphold its upward momentum. As long as prices stay above the dynamic support levels, the potential for a continued bullish trend remains bright. Any minor corrections that occur present opportunities for accumulation by traders capitalizing on the short-term trend.
Further support for this strengthening scenario comes from the Zigzag indicator, which reveals a consistent upward pattern, complemented by a Moving Average (MA) that is positively inclined and supports price movement from below. The synergy of these elements enhances the conviction that the Nasdaq is poised for potential further increases in the near term. Unless there are significant negative fundamental pressures, market focus is likely to remain on the potential for achieving new highs in upcoming sessions.
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On a 15-minute time frame, the Nasdaq exhibits signals for further strengthening, supported robustly by the Moving Average (MA) and MACD indicators. Prices consistently remain above the MA, indicating that the short-term trend is firmly under buyers’ control. Meanwhile, the MACD also stays in positive territory, with the MACD line positioned above the signal line, reinforcing the bullish sentiment. As long as price structures do not form a new Lower Low, the chances for Nasdaq to continue its upward motion remain high, with a potential rally towards the upcoming resistance level of 22,095.
Technical References: buy as long as above 21,885
Potential Take Profit 1: 22,055
Potential Take Profit 2: 22,095
Potential Stop Loss 1: 21,933
Potential Stop Loss 2: 21,885
