Bullish channel evident on the one-hour chart signals a strong potential for the Nasdaq to continue its upward trajectory. The price structure consistently moving within this rising channel indicates that the buyers are still in control of the market. Additionally, the zigzag indicator reveals a robust upward trend pattern, reinforcing Nasdaq’s positive outlook in the short term. This technical factor opens up opportunities for the index to continue its rally and could potentially breach the nearest resistance level.
Further support comes from the zigzag movement still trending upwards, bolstering confidence that the bullish trend shows no signs of weakening. As long as prices remain above the lower boundary of the channel, the outlook for Nasdaq appears inclined toward further gains. With the combination of the bullish channel and upward zigzag, the chances for Nasdaq to extend its positive momentum are increasing, paving the way for tests of higher levels shortly.
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On the 15-minute chart, the bullish channel formed on Nasdaq during the European session today displays a growing potential for an uptick, further supported by the Moving Average (MA) which, despite being flat, is still trending upwards. This technical condition reinforces buyer dominance, providing Nasdaq the chance to continue its short-term rally and potentially test the nearby resistance area at 23,950.
Technical Reference: buy as long as above 23,765
Potential Take Profit 1: 23,910
Potential Take Profit 2: 23,950
Potential Stop Loss 1: 23,795
Potential Stop Loss 2: 23,765
