The Nasdaq is currently facing an increasing likelihood of decline after successfully breaching the lower boundary of the bearish channel that has formed. This breakdown signals that selling pressure is increasingly dominating the market, with prices likely to undergo a deeper correction towards the next support level. The Moving Average (MA) indicator further substantiates the bearish outlook, as prices are positioned below the MA line, indicating a negative trend in the short term.
Moreover, the MACD indicator also confirms the downward movement, with the MACD line situated below the signal line, reflecting strong selling momentum. The combination of these technical patterns suggests that the Nasdaq may continue to trend downward in the upcoming sessions.
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On the 15-minute chart, the Nasdaq shows robust potential for decline as the Moving Average (MA) and Commodity Channel Index (CCI) indicate bearish signals. The MA line indicates a downward trend, with prices falling below the MA, signifying escalating selling pressure. Additionally, the CCI, which has moved into the overbought zone and started to decline, suggests that bullish momentum has waned, and the market may be poised for correction. The combination of these two indicators signals that the Nasdaq could continue its downward trajectory, testing the support level of 21,575.
Technical Reference: Sell while below 21,810
Potential Stop Loss 1: 21,755
Potential Stop Loss 2: 21,810
Potential Take Profit 1: 21,630
Potential Take Profit 2: 21,575
