After experiencing a continuous rally for seven days, the Nasdaq has begun to exhibit signs of a correction. The latest price movements suggest selling pressure, as prices have started to retreat from previous highs. The technical indicators Moving Average (MA) and Stochastic are now providing early confirmation of a potential further decline.
On the daily chart, the Nasdaq’s price has started to dip below the 24-period MA line, signaling a weakening bullish momentum. Meanwhile, the Stochastic indicator indicates an overbought condition that is beginning to correct downward, hinting at an impending decline.
Recommended
Recommended
Recommended
Recommended
Similarly, the one-hour chart analysis corroborates this view. The 15-minute chart also shows a downward opportunity, as the price currently resides within a bearish channel and the MA indicator is pointed downwards, adding to the selling pressure. If this scenario unfolds, the Nasdaq may test the support level at 21.885.
Technical Reference: sell while below 22.008
Potential Stop Loss 1: 21.980
Potential Stop Loss 2: 22.008
Potential Take Profit 1: 21.912
Potential Take Profit 2: 21.885
