The Nasdaq continues to operate within a bullish channel that remains unshaken, indicating that the upward trend is still robust on the 1-hour time frame. The consistent price movements creating higher highs and higher lows reinforce the dominance of buyers, with a rally that persists towards previous peak areas. This technical structure strongly suggests that the market still has confidence in upward momentum, especially as the price remains within the confines of this channel, particularly during U.S. sessions which often experience spikes in volume and market volatility.
Additional support is observed from the zigzag indicator, which continues to align with the ascending trend pattern, alongside the Moving Average (MA) that also trends upward. These indicators enhance the signal that buying pressure remains active and the potential for continued record price formations remains wide open. As long as there is no sharp reversal or significant selling pressure near the key resistance level, Nasdaq has a good chance to sustain its bullish rally during tonight’s U.S. session, particularly with an uptick in buyer participation as the main trading hours in America commence.
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On the 15-minute time frame, the Nasdaq continues to display solid upward trend strength, backed by an upward-trending Moving Average (MA) and a consistent uptrend trendline that keeps the price movement on a bullish path. Additionally, the MACD indicator remains in positive territory, reinforcing upward momentum, indicating that buyers are still firmly in control of the market. With this combination of technical signals and the usual support from the U.S. session serving as a primary driver for major movements, Nasdaq has a significant opportunity to continue its rally and test the next resistance level around 23,395.
Technical Reference: buy while above 23,188
Potential Take Profit 1: 23,348
Potential Take Profit 2: 23,395
Potential Stop Loss 1: 23,235
Potential Stop Loss 2: 23,188
