A bullish channel on the one-hour chart indicates a robust signal that the Nasdaq still has the potential to keep gaining strength during the European session. The pricing structure consistently moving within the upward channel reflects the steady dominance of buyers, while the zigzag indicator shows a solid upward trend pattern. This situation further emphasizes the positive outlook for the Nasdaq in the short term, with a chance to breach the nearest resistance level if the upward momentum persists.
From a technical standpoint, the zigzag pattern continually forming higher lows enhances confidence that the bullish trend is yet to show any signs of weakening. As long as prices remain above the lower boundary of the channel, the Nasdaq’s outlook remains favorably skewed towards further gains. The combination of a bullish channel and a rising zigzag pattern creates opportunities for this index to extend its rally and test higher levels.
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On the 15-minute chart, the Nasdaq during the afternoon European session also showcases a solid bullish channel, supported by the Moving Average (MA) movement, which, although gentle, continues to trend upwards. This technical signal reinforces buyer dominance and opens up opportunities for the Nasdaq to maintain its short-term upward trajectory, with the potential to test crucial resistance around the 24,025 mark.
Technical Reference: buy as long as above 23,867
Potential Take Profit 1: 23,985
Potential Take Profit 2: 24,025
Potential Stop Loss 1: 23,902
Potential Stop Loss 2: 23,867
