The Nasdaq chart on a 1-hour scale continues to display a strong bullish trend, with buyers firmly in command of market movements. The consistent zigzag pattern forming higher highs (HH) and higher lows (HL) signals that the upward trend is ongoing. Additionally, the upward trajectory of the Moving Average (MA) adds further confirmation, leaving the door open for additional rallies.
The momentum of the rise is also becoming more robust as prices manage to hold above a dynamic support level, emphasizing that buyers have not relinquished control. As long as prices remain above these crucial levels, the potential for Nasdaq to strengthen persists, with room to test near-term resistance during the European session this afternoon.
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On the 15-minute chart, the bullish signals become increasingly evident as Nasdaq successfully executes a breakout from the bearish trendline. The technical support from the rising MA further enhances this positive outlook, opening opportunities for Nasdaq to continue its rally towards a significant resistance level around 25,158.
Technical References: buy as long as above 24,985
Potential Take Profit 1: 25,118
Potential Take Profit 2: 25,158
Potential Stop Loss 1: 25,012
Potential Stop Loss 2: 24,985
