The Nasdaq is exhibiting signs of potential further decline after breaking below the bullish channel, which indicates a failure of the rebound to continue its upward trajectory. This scenario is further reinforced by the Stochastic indicator, which is currently in the oversold zone, signaling that selling pressure remains dominant despite some possibilities for a short-term correction. With supporting technical signals, the Nasdaq might continue its downward movement towards the next support level.
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On the 15-minute timeframe, the Nasdaq is trading within a bearish channel, emphasizing the dominance of selling pressure in the market. Although the Commodity Channel Index (CCI) indicates an oversold condition, this actually suggests that the bearish momentum is still strong, particularly if prices fail to break through the resistance at the upper boundary of the channel. With this combination of technical patterns, the Nasdaq may continue to decline towards the support level of 21,163.
Technical Reference: sell while below 21,553
Potential Stop Loss 1: 21,468
Potential Stop Loss 2: 21,553
Potential Take Profit 1: 21,228
Potential Take Profit 2: 21,163
