The Nasdaq has once again demonstrated notable weakness after breaching the lower bound of a bearish channel on the 1-hour time frame. This breakout serves as an early indication that selling pressure is beginning to prevail in the market, especially amid ongoing sensitivity towards interest rate directions and global macroeconomic uncertainties. The breach of this support level reinforces the view that buyers are starting to lose control, creating opportunities for sellers to push prices lower in the near term.
The zigzag indicator also confirms the potential trend reversal from a prior bullish state to a bearish phase. The price structure is beginning to showcase lower highs and lower lows, characteristic of a newly developing downtrend. Should selling pressure persist without any significant recovery above the prior channel, further declines in the Nasdaq might put it at risk of testing subsequent technical supports.
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The bearish momentum on the Nasdaq has intensified after prices successfully broke through the lower level of the bullish channel in the 15-minute time frame, suggesting a loss of buying strength in the short term. This pressure is further intensified by a declining Moving Average (MA) and a negative movement in the MACD indicator, indicating that selling momentum is increasingly dominating. This combination of technical signals opens up the possibility for the Nasdaq to continue its downward trend and test a nearby support level around 22,735.
Technical Reference: sell while below 23.215
Potential Stop Loss 1: 23.105
Potential Stop Loss 2: 23.215
Potential Take Profit 1: 23.840
Potential Take Profit 2: 23.735
