The Nasdaq has found itself under renewed pressure after failing to break through the upper resistance of a bearish channel on the 1-hour time frame. This rejection from the resistance level indicates that the bullish forces are not yet strong enough to alter the prevailing downward trend. The price has once again entered a phase of decline, suggesting that sellers are regaining control. The zigzag movement forming a downward structure further validates that bearish pressure has resumed after a failed breakout attempt.
Additionally, other technical indicators back the likelihood of further declines. The Moving Average (MA) line continues to point downward, confirming the bearish trend direction, while the MACD remains entrenched in negative territory, showing no signs of momentum reversal. This combination of a maintained bearish channel, a declining zigzag structure, and bearish signals from the MA and MACD strongly suggest that the Nasdaq is more likely to continue its downward trajectory soon, particularly if selling pressure escalates during the upcoming trading sessions.
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The Nasdaq is exhibiting increasingly strong bearish pressure after breaking through the support area of the Bollinger Bands (break low), indicating a growing dominance of sellers. This downturn momentum is reinforced by the MACD sinking deeper into negative territory, reflecting heightened selling pressure and a waning interest from buyers. With this technical signal combination, the Nasdaq is likely to continue its descent toward testing the critical support level at 24,820 as the nearest target.
Technical Reference: sell below 25,290
Potential Stop Loss 1: 25,202
Potential Stop Loss 2: 25,290
Potential Take Profit 1: 24,887
Potential Take Profit 2: 24,820
