The Nasdaq index is experiencing heightened selling pressure following a breakout from a bearish channel. This movement is backed by technical indicators such as Moving Average (MA) and MACD, which provide clear signals of potential further declines.
On the daily chart, the Nasdaq has breached a critical support level within the bearish channel. The 24-period MA consistently shows a declining trend, indicating the strength of the sellers. Concurrently, the MACD displays an increasingly negative histogram, with the signal line reinforcing the bearish momentum.
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In alignment with the hourly chart analysis, the 15-minute chart also presents a downward opportunity as current prices are situated in a bearish channel, and the MA indicators point downward, adding to the sell pressure. If the scenario unfolds as expected, the Nasdaq may test the support level of 21,195.
Technical Reference: sell while below 21,480
Potential Stop Loss 1: 21,438
Potential Stop Loss 2: 21,480
Potential Take Profit 1: 21,244
Potential Take Profit 2: 21,195
