The Nasdaq has started to exhibit signs of weakening after recording a break low from the bullish channel on a one-hour chart during the US evening session. This movement acts as an early signal of a potential trend reversal, shifting from bullish to bearish. The direction of the Moving Average (MA), which is now trending downwards, further reinforces the indication that selling pressure is beginning to dominate the market. Additionally, the ZigZag pattern displays a clearer series of declines, confirming that buyers are losing momentum in maintaining the upward trend.
Given the technical conditions, the possibility of a correction in the Nasdaq is increasingly apparent. Should selling pressure continue, this index may see further declines toward the nearest support level as the next testing area. However, if prices manage to hold above the crucial support, a rebound could still occur as an attempt at a retest before the bearish trend is fully confirmed. This situation encourages the market to pay attention to key levels as determinants of the Nasdaq’s movement in the short term.
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The Nasdaq has established a bearish channel on the 15-minute chart, with a downward direction in the Moving Average (MA), confirming the dominance of sellers in the market. This technical pressure opens up the possibility for further declines, where the Nasdaq is projected to test the nearest support level at 23,680 as the next target for decline.
Technical Reference: sell below 23,890
Potential Stop Loss 1: 23,855
Potential Stop Loss 2: 23,890
Potential Take Profit 1: 23,720
Potential Take Profit 2: 23,680
