The Nasdaq could potentially continue its downward trend, as the price has experienced a pullback to the midpoint (middle band) on the Bollinger Bands indicator. This movement is often viewed as a signal that the recent rise is merely a temporary correction within a larger downward trend.
The middle band of the Bollinger Bands acts as dynamic resistance, and if it fails to break through, it could trigger further selling pressure. Additionally, this weakness is corroborated by the position of the Stochastic Oscillator, which is situated in the overbought territory, indicating that prices have entered a saturation zone and are likely to reverse downward.
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The Nasdaq is poised for further declines after a clear bearish price structure has formed on the 15-minute timeframe. The price action has created lower highs and lower lows, signaling an ongoing bearish trend. Furthermore, the descending Moving Average (MA) reinforces the potential selling pressure aimed at testing the support level of 19,175.
Technical Reference: sell while below 147,795
Potential Stop Loss 1: 147,515
Potential Stop Loss 2: 147,795
Potential Take Profit 1: 146,645
Potential Take Profit 2: 146,415
