The Nasdaq index continues to operate within a bearish channel on the 1-hour time frame, highlighting that selling pressure remains dominant and the decline is proceeding consistently. Prices consistently trace the lower boundary of the channel, indicating that each attempt at a rebound is being thwarted by the assertiveness of sellers. This situation portrays a defensive market, where buyers have yet to gain momentum, and the downward pressure continues to be the primary factor guiding price movement.
Technical signals further reinforce this bearish dominance. A downward-sloping moving average, a ZigZag pattern creating a structure of lower highs and lower lows, and the MACD remaining in negative territory all align to indicate that the trend is still weak. These three indicators paint a picture where selling pressure remains robust and the likelihood of the Nasdaq experiencing further declines is quite open, particularly if prices fail to breach the resistance line of the channel.
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Currently, the Nasdaq is trading around the resistance level of the Bollinger Bands on the 15-minute time frame, signaling that upward pressure is beginning to restrict price increases. This condition is further supported by the CCI, which has reached overbought territory, suggesting potential weakening in the near future. With this technical combination, the Nasdaq could experience a correction and drop to test the support level of 24,315 as the nearest target for decline.
Technical Reference: sell while below 24,762
Potential Stop Loss 1: 24,676
Potential Stop Loss 2: 24,762
Potential Take Profit 1: 24,383
Potential Take Profit 2: 24,315
