The Nasdaq is currently experiencing intensified selling pressure, with technical indicators suggesting a potential correction may occur soon. The downward movement of the Moving Average (MA) line indicates a bearish trend, and prices are now trading below the 24 MA, which acts as a dynamic resistance.
Additionally, the Stochastic indicator, positioned in the overbought zone, signals that the market is exhausted, increasing the likelihood of a downward price reversal. This potential decline could pave the way for a correction towards lower support levels.
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The Nasdaq is under bearish pressure on the 15-minute time frame, with a bearish channel pattern indicating further downward potential. Prices are currently below the downward-sloping Moving Average (MA) 24, reinforcing the bearish signals. As long as the Nasdaq remains under the MA 24 and the bearish channel remains intact, the likelihood of decline towards the support area of 19,300 is substantial.
Technical Reference: sell while under 20,255
Potential Stop Loss 1: 20,190
Potential Stop Loss 2: 20,255
Potential Take Profit 1: 19,880
Potential Take Profit 2: 19,918
