The Nasdaq has displayed signs of weakening after a failed attempt at a rebound that was unable to maintain its upward momentum. This decline is supported by the Stochastic technical indicator, which is moving out of the overbought zone, signaling that selling pressure is once again becoming dominant.
Prices hovering below key resistance levels further enhance the potential for further weakening, indicating that investors are likely to be more cautious and awaiting clearer momentum before re-entering the market.
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On the 15-minute timeframe, the Nasdaq is operating within a bearish channel, reinforcing the dominance of selling pressure in the market. Even though the Commodity Channel Index (CCI) is in the oversold zone, this signal instead indicates that bearish momentum remains strong, particularly if prices fail to break through the resistance at the upper limit of the channel. With this combination of technical patterns, the Nasdaq is poised to continue its decline towards the support level of 21,080.
Technical Reference: buy as long as above 21,510
Potential Take Profit 1: 21,424
Potential Take Profit 2: 22,510
Potential Stop Loss 1: 21,155
Potential Stop Loss 2: 21,080
