The Nasdaq has faced selling pressure after breaching the lower boundary of a bullish channel, indicating more potential for a downturn. The current price movement beneath the significant support zone suggests that the prior bullish momentum is beginning to fade.
Additionally, the downward trend of the Bollinger Bands further confirms the prevailing bearish sentiment in the market. If this downward trajectory continues, the Nasdaq risks approaching the next support level, which could determine the future price direction.
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The Nasdaq has seen selling pressure after its price fell below the Moving Average (MA) line on a 15-minute time frame, while the Stochastic indicator trends downward from the overbought range, providing further confirmation of ongoing weakness. This signals a strengthening bearish momentum, suggesting that the Nasdaq may continue to decline towards the next support level of 19,918.
Technical Reference: sell while below 20,255
Potential Stop Loss 1: 20,190
Potential Stop Loss 2: 20,255
Potential Take Profit 1: 19,880
Potential Take Profit 2: 19,918
