The Nasdaq is currently trading within a bearish channel on the 1-hour chart, indicating that the potential for a downturn remains open. The price structure, which is forming lower highs and lower lows (LH–LL), confirms that selling pressure continues to dominate market movements. This situation reflects weak buying interest, leading to any upward movements being viewed as short-term selling opportunities.
From a technical standpoint, the bearish potential is further supported by a flattening and downward-trending Moving Average, a ZigZag pattern creating a bearish structure, and the CCI declining from the overbought region. This combination of signals opens the door for the Nasdaq to continue weakening towards the next support area, provided the price remains within the bearish channel and shows no signs of reversal.
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The Nasdaq remains within a bearish channel on the 15-minute chart, displaying that the selling pressure persists and has yet to show signs of easing. The direction of both the Moving Average and ZigZag is declining, alongside the CCI plummeting from the overbought area, signaling a weakening momentum in price rebound. Given the solid technical structure leaning bearish, the Nasdaq is likely to continue its decline and test the support level of 24,912 in the short term.
Technical Reference: sell as long as it is below 25,585
Potential Stop Loss 1: 25,480
Potential Stop Loss 2: 25,585
Potential Take Profit 1: 25,025
Potential Take Profit 2: 24,912
