Bullish channel that continues to develop in the 1-hour timeframe delivers a robust technical signal for the Nasdaq, indicating that the upward trajectory remains intact during tonight’s US session. The price structure, which is consistently moving in an upward pattern, showcases the dominance of buyers, while the ZigZag indicator producing higher lows and higher highs further confirms the persistence of this bullish trend. This situation reveals that market sentiment stays optimistic, with traders continuing to push prices towards higher levels.
The upward slope of the moving average (MA) also provides additional technical support for Nasdaq to uphold the bullish trend. As long as prices remain above the MA line and do not break through the lower boundary of the channel, the chances to continue increasing are expected to remain open. With these supportive signals, Nasdaq has the potential to test the nearest resistance level, which is crucial for sustaining the subsequent positive momentum.
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During tonight’s US session, Nasdaq exhibits solid upward momentum as prices steadily move within the bullish channel. The rising MA line and the MACD indicator situated in positive territory further emphasize the dominance of buyers and open up possibilities for a continuation of the short-term rally. With this technical combination, the index is poised for further strengthening as it attempts to test the significant resistance located around 25,790.
Technical Reference: buy as long as above 25,560
Potential Take Profit 1: 25,710
Potential Take Profit 2: 25,755
Potential Stop Loss 1: 25,595
Potential Stop Loss 2: 25,560
