The Nasdaq index continues to demonstrate robust performance as it remains firmly established in a bullish trend. After experiencing a brief corrective phase that formed a minor bearish channel, the current price movements seem to indicate a natural consolidation phase that ultimately bolsters the medium-term bullish structure.
The persistence of prices above the primary trendline signals that selling pressure remains constrained, while the demand in the technology sector continues to thrive, driven by investors’ optimism concerning growth prospects and the positive performance of several major companies. This stable market sentiment contributes to the upward trajectory of the index despite the fluctuations in the global economic landscape.
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On the technical side, the combination of the Zigzag indicator and Moving Average (MA) further reinforces the strong upward trend. The increase in buying volume during the US trading session indicates that buyers still hold the reins, with each corrective phase thus far being utilized as an accumulation opportunity. Additional support comes from price rebounds at the lower Bollinger Bands (BB) and enhanced positive signals on the MACD indicator. Given these conditions, the Nasdaq is poised to continue its rally towards the nearest resistance area at approximately 26,482, provided there is no significant breach below the minor support area that currently underpins the upward trend.
Technical Reference: buy as long as it stays above 26,138
Potential Take Profit 1: 26,418
Potential Take Profit 2: 26,482
Potential Stop Loss 1: 25,210
Potential Stop Loss 2: 25,138
