The Nasdaq continues to present increasingly strong bearish signals as prices have fallen below the lower boundary of the Bollinger Bands, indicating dominant selling pressure in the market. This breakout beneath the support level suggests that sellers are becoming more aggressive, creating opportunities for the Nasdaq to continue its decline toward the next support range. This breakout is also accompanied by a rise in trading volume, further reinforcing the bearish scenario.
Additionally, the Stochastic indicator’s descent from the overbought territory further confirms that bearish momentum is underway. The downward movement of the red and blue lines indicates that selling pressure remains strong, and the potential for a reversal is limited at this stage.
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Currently, the Nasdaq is under pressure within a bearish channel on the 15-minute timeframe, illustrating the ongoing dominance of sellers pushing prices lower. The price movements staying beneath the resistance channel line strengthen the view that the market remains in a downward trend, with further declines likely if it approaches the support level of 19,906.
Technical Reference: sell while below 20,490
Potential Stop Loss 1: 20,350
Potential Stop Loss 2: 20,490
Potential Take Profit 1: 19,988
Potential Take Profit 2: 19,906
