The Nasdaq is displaying robust signs of strength after maintaining stability within a bullish channel. The consistent price position above the Moving Average (MA) line serves as a key indicator that this upward trend remains intact. The positive market sentiment further supports Nasdaq’s potential to extend its rally, driven by optimism regarding the global economic climate.
Additionally, the MACD indicator bolsters the bullish outlook. A continuously positive MACD histogram signals rising momentum, while the MACD line positioned above the signal line suggests that buying power is still prevailing in the market.
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Consistent with the one-hour chart analysis, the 15-minute chart above also indicates a buy signal as the MA trends upward and the MACD remains in the positive zone, enhancing the potential for further increases. Should the scenario unfold as expected, the Nasdaq has the opportunity to rise and test the resistance level of 21,815.
Technical Reference: buy as long as it stays above 21,593
Potential Take Profit 1: 21,770
Potential Take Profit 2: 21,815
Potential Stop Loss 1: 21,630
Potential Stop Loss 2: 21,593
