During the afternoon session in Europe, the Nasdaq continues to demonstrate a steady movement within a bullish channel. This indicates that the buyer’s dominance remains intact, although the price has yet to breach a significant resistance level. The upward trend is clearly visible as the price consistently follows the path of the channel, despite signs of caution in the market regarding the continuation of the rally.
From a technical perspective, the formation of Higher Highs (HH) and Higher Lows (HL) on the ZigZag indicator reinforces the persistent bullish trend. The upward trajectory of the Moving Average (MA) further bolsters the positive outlook, even though the momentum of the gains appears to be slightly slowing down in the short term.
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On the 15-minute chart during the European afternoon, the Nasdaq holds its position within the bullish channel, supported by a moving average that is once again pointing upwards, signaling further potential for strengthening. With this combination, the index has the opportunity to test an important resistance level around 24,389, potentially paving the way for a new rally if this level is convincingly broken.
Technical Reference: buy as long as it remains above 24,218
Potential Take Profit 1: 24,360
Potential Take Profit 2: 24,389
Potential Stop Loss 1: 24,249
Potential Stop Loss 2: 24,218
