The Nasdaq is experiencing selling pressure on the 1-hour chart after breaking through the bullish channel and failing to retain its previous upward structure. Following this breakout, the price has established a new lower level and continues to decline, forming lower high and lower low (LH-LL) patterns, indicating a shift in market structure towards bearish. This situation reflects a diminishing buying interest and an increasing dominance of sellers in the short term.
From a technical perspective, the potential for further decline is reinforced by a Moving Average that has begun to trend downwards, along with a ZigZag indicating bearish structure. This combination of signals opens up the possibility for the Nasdaq to continue weakening towards the nearest support area, as long as the price does not manage to return to the bullish channel and selling pressure remains prevalent.
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On the 15-minute chart, the Nasdaq continues to remain within a bearish channel, indicating that selling pressure has not subsided. Both Moving Average and ZigZag are pointing downwards, confirming a strong descending structure, while CCI has sharply fallen from the overbought area, signaling a weakening rebound momentum. The combination of these technical signals opens up a window for the Nasdaq to further decline and test the support level at 24,837 in the short term.
Technical Reference: sell below 25,522
Potential Stop Loss 1: 25,397
Potential Stop Loss 2: 25,522
Potential Take Profit 1: 25,950
Potential Take Profit 2: 25,837
