The Nasdaq continues to display the strength of buyers on the 1-hour time frame, where prices are trending steadily within a bullish channel. The zigzag movements are creating a pattern of higher lows and higher highs, signifying that the upward trend remains intact. This scenario is reinforced by the rising position of the Moving Average (MA), demonstrating that the power of buyers remains strong.
Due to this technical pattern, the Nasdaq has a favorable chance of extending its upward trajectory in the next trading sessions. As long as prices stay above the support channel area, buyers could push prices higher in line with the ongoing bullish momentum. This technical signal serves as a strong indication that the upward trend is continuing, creating potential trading opportunities for market participants aligned with the trend direction.
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On the 15-minute chart, the Nasdaq is showing a developing bullish trendline, with the Moving Average also trending positively, signaling an increasing dominance of buyers. This situation opens the door for a continuation of price increases, 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 if it will trigger a temporary correction.
Technical References: buy as long as 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
