The Nasdaq index is experiencing selling pressure after failing to break through the upper limit of the Bollinger Bands, indicating a potential price correction. The rejection from this level highlights that the Nasdaq has reached a significant resistance area, prompting profit-taking actions among market participants.
The MACD indicator also reinforces the bearish signal, with the histogram starting to move into negative territory and the signal line poised for a potential downward crossover. This combination suggests a weakening momentum that could lead the Nasdaq towards the next support level if selling pressure persists. Traders are advised to watch for further confirmations to anticipate the possibility of deeper declines.
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The Nasdaq could continue to weaken after establishing a clear downtrend structure on the 15-minute timeframe. Price movements that create lower highs and lower lows indicate an ongoing bearish trend. Additionally, the downward-moving Moving Average (MA) further strengthens the potential selling pressure to test the support at 19,160.
Technical Reference: sell when below 19,805
Potential Stop Loss 1: 19,690
Potential Stop Loss 2: 19,805
Potential Take Profit 1: 19,255
Potential Take Profit 2: 19.162
