Stuck Below 61.8% Fibonacci Retracement; Nasdaq May Decline Further

On Thursday (April 3, 2025), Nasdaq experienced a significant drop during early trading, falling below the 61.8% Fibonacci Retracement level around 19,270. This Fibonacci level was calculated from the lowest point since August 2024 at approximately 17,535 to the all-time record high of 22,318.

Additionally, the 20-hour Moving Average (MA) has crossed below the 50-hour MA, which is typically interpreted as a sell signal by traders.

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Examining the 15-minute chart, it is evident that Nasdaq continues to face selling pressure after breaking below the Bearish Channel. As long as it remains below 19,270, there is still potential for further declines.

Technical Reference: sell
Potential Take Profit 1: 18,850
Potential Take Profit 2: 18,600
Potential Stop Loss 1: 19,270
Potential Stop Loss 2: 19,500