The Nasdaq index continues to demonstrate a favorable performance on the 1-hour time frame, with price movement consistently following a bullish channel. The price structure is forming an ascending zigzag pattern, indicating a sustained buying momentum, which creates a strong sequence of higher highs and higher lows. As long as the price remains within this channel, the opportunity for further increases remains open, with potential to break through the minor resistance levels above.
Technical signals also support the continuation of the upward trend, with the Moving Average (MA) appearing to rise sharply, reinforcing the short-term bullish direction. This indicates that buyers still maintain control in the current dynamics of the Nasdaq market. Unless there are significant fundamental disruptions, the upward trend is expected to persist, and the Nasdaq is poised to target the next key levels in this rally phase.
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The Nasdaq has the potential to continue its upward trend in the short term, as evidenced by the sharply rising Moving Average (MA) and the MACD remaining in the positive territory on the 15-minute time frame. Both indicators reflect a strong upward trend, with buyer dominance showing no signs of weakening yet. As long as the price stays above the MA and there are no negative divergence signals from the MACD, the Nasdaq is likely to continue moving towards the next resistance level at 23,095.
Technical Reference: buy when above 22,815
Potential Take Profit 1: 23,050
Potential Take Profit 2: 23,095
Potential Stop Loss 1: 22,862
Potential Stop Loss 2: 22,815
