The Nasdaq index is facing considerable selling pressure as technical indicators reveal signs of further weakness. The MACD indicator is currently in the negative zone, with the signal line trending downward, reflecting a bearish momentum that is starting to dominate the market.
Additionally, the Nasdaq price has breached the lower boundary of the Bollinger Bands, indicating heightened volatility and a stronger downward trend. This situation could potentially trigger a deeper decline if the Nasdaq fails to hold above critical support levels.
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The Nasdaq may continue its decline after a clear bearish price structure has formed on the 15-minute timeframe. The price movement that creates lower highs and lower lows signals an ongoing bearish trend. Moreover, the downward-moving Moving Average (MA) further reinforces the potential selling pressure as it tests the support level at 19,210.
Technical Reference: sell while below 19,715
Potential Stop Loss 1: 19,640
Potential Stop Loss 2: 19,715
Potential Take Profit 1: 19,310
Potential Take Profit 2: 19,215
