On the 1-hour timeframe, the Nasdaq index is exhibiting increasingly clear signs of weakness after the price broke through the lower Bollinger Bands. This decline indicates dominant selling pressure, disrupting the dynamic support that previously held the price movements. Such a pattern often serves as an initial signal for potential further decline, especially when the market fails to remain within the normal Bollinger Bands range.
This bearish pressure is further reinforced by the MACD indicator, which is currently showing the MACD line crossing below the signal line and moving away from the zero line. This condition indicates strong negative momentum and supports the continuation of the downward trend.
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On the 15-minute timeframe, the Nasdaq is moving within a bearish channel, indicating that selling pressure continues to dominate short-term price movements. The Moving Average (MA) line is also showing a sharp downward slope, confirming that bearish momentum is strengthening. As long as the price remains below the MA and fails to break through the upper boundary of the channel, the potential for further decline remains wide open, testing the support level at 20,545.
Technical Reference: sell below 21,110
Potential Stop Loss 1: 20,995
Potential Stop Loss 2: 21,110
Potential Take Profit 1: 20,633
Potential Take Profit 2: 20,545
