The Nasdaq is still reflecting strong buyer momentum on the 1-hour time frame, with prices consistently moving within a bullish channel. The zigzag movements are also forming higher low and higher high patterns, indicating that the upward trend remains intact. This situation is reinforced by the Moving Average (MA) continuing its upward trajectory, showcasing that the buyer dominance is firmly established.
With this technical pattern support, there is a significant opportunity for the Nasdaq to continue rising in the upcoming session. As long as prices remain above the channel support area, buyers could potentially push prices higher alongside the growing bullish momentum. This technical signal strongly indicates that the upward trend is ongoing, providing potential trading opportunities for market participants who are aligned with this trend.
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On the 15-minute chart, the Nasdaq is showing a budding bullish trendline, with the Moving Average also displaying a positive direction, signifying an even more dominant buyer push. This scenario sets the stage for a continued price rise, targeting a test of resistance at the 23,765 area, which serves as a crucial level to assess whether the bullish momentum can persist or may instead trigger a temporary correction.
Technical Reference: buy while above 23,551
Potential Take Profit 1: 23,732
Potential Take Profit 2: 23,765
Potential Stop Loss 1: 23,577
Potential Stop Loss 2: 23,550
