The Nasdaq continues to operate within an unshaken bullish channel, indicating that the upward trend remains robust on the 1-hour timeframe. The consistent price movement forming higher highs and higher lows emphasizes the dominance of buyers, with the rally persistently approaching previous peak levels. This technical structure serves as a strong indicator that market participants still have confidence in the bullish direction, especially as long as prices remain within this channel.
Additional support comes from the zigzag indicator, which continues to follow the rising trend, along with the Moving Average (MA) that is also trendling upwards. These two indicators strengthen the signal that buying pressure remains active and the potential to continue setting price records is wide open. As long as there is no sharp reversal or significant selling pressure at key resistance areas, the Nasdaq has a good chance of continuing its bullish rally shortly.
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On the 15-minute timeframe, the Nasdaq still exhibits solid upward trend strength, supported by a Moving Average (MA) that trends upward and a consistent uptrend trendline keeping the price action within a bullish path. Furthermore, the MACD indicator, which remains in positive territory, reinforces the upward momentum, indicating that buyers continue to dominate the market. With this combination of technical signals, the Nasdaq has a strong opportunity to maintain its rally and test the next resistance level around 23,350.
Technical Reference: buy while above 23,168
Potential Take Profit 1: 23,320
Potential Take Profit 2: 23,350
Potential Stop Loss 1: 23,198
Stop Loss 2: 23,168
