The Nasdaq Index is showing signs of further decline following a breakthrough from its previously established bullish channel. As prices have breached the lower boundary of the channel, the bearish signal has strengthened. Additionally, the Moving Average (MA) indicators are trending downward while the MACD is providing negative confirmation, thereby reinforcing the downward momentum.
The selling pressure is expected to persist unless the index can maintain critical support levels, which could intensify the bearish trend. Investors anticipating this movement may look for selling opportunities, given the increasing selling pressure.
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According to the hourly chart analysis, the 15-minute chart also indicates potential declines as the Stochastic indicator begins to drop from overbought territory, corroborating a sell signal, with prices situated within a bearish channel. If this scenario plays out, the Nasdaq may test the support level at 21,812.
Technical Reference: sell while below 22,030
Potential Stop Loss 1: 22,030
Potential Stop Loss 2: 22,095
Potential Take Profit 1: 21,860
Potential Take Profit 2: 21,812
