The Nasdaq has begun to exhibit stronger selling pressure after breaking out of a bearish channel. This movement is supported by technical indicators like Moving Average (MA) and MACD, which clearly signal potential further declines.
On the daily chart, the Nasdaq price has breached a significant support level within the bearish channel. The 24-period MA indicates a consistent downtrend, which suggests that sellers are in control. Meanwhile, the MACD is showing an increasingly negative histogram, with the signal line reinforcing the bearish momentum.
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Similarly, the analysis on the one-hour chart aligns with this outlook. The 15-minute chart also presents a downward opportunity as the price currently rests in a bearish channel, with the MA pointing downwards intensifying the downward pressure. If the scenario plays out as anticipated, the Nasdaq may test the support level at 21,140.
Technical Reference: sell while below 21,435
Potential Stop Loss 1: 21,385
Potential Stop Loss 2: 21.435
Potential Take Profit 1: 21,195
Potential Take Profit 2: 21,140
