The Nasdaq is currently experiencing heightened selling pressure, as technical indicators point towards a potential correction in the near future. The downward movement of the Moving Average (MA) line signifies a bearish trend, with prices now trading below the 24-period MA, which serves as a dynamic resistance level.
Additionally, the Stochastic indicator, which is in the overbought territory, suggests that the market is saturated with buying activity, increasing the likelihood of a downward price reversal. This potential decline could pave the way for a correction towards lower support levels.
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The Nasdaq is under bearish pressure on the 15-minute time frame, with a bearish channel pattern suggesting further declines ahead. Currently, prices are trading below the downward-sloping 24-period Moving Average (MA), reinforcing the bearish signals. As long as the Nasdaq remains under the 24-period MA and the bearish channel is not broken, there is a chance of a decline towards the support area at 19,300.
Technical Reference: sell below 19,720
Potential Stop Loss 1: 19,665
Potential Stop Loss 2: 19,720
Potential Take Profit 1: 19,370
Potential Take Profit 2: 19,300
