The Nasdaq experienced a sharp decline at the beginning of trading during the European session on Friday (December 20, 2024), reaching the initial target for a downward move identified in previous technical analyses at 21,150.
Today’s lowest level was 21,007, indicating it nearly hit the second target at 21,000.
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Pressure on the Nasdaq remains substantial, as seen on the 1-hour chart, where it remains below the 20-period and 50-period Moving Averages that had previously crossed.
However, the Stochastic indicator has entered the oversold territory and is beginning to trend upwards. This suggests a potential rebound, providing an opportunity for a sell with a more favorable risk-reward ratio.
On the 15-minute chart, the Stochastic has risen from the oversold region, reinforcing the potential for short-term gains. The area around 21,380 remains a strong resistance, while the 21,150 level is now the nearest resistance point. As long as this level is not breached, the Nasdaq could potentially decline towards the psychological level of 21,000. If it consistently breaks above this level, the Nasdaq may fall towards 20,870.
Technical Reference: Sell while below 21,150
Potential Take Profit 1: 21,000
Potential Take Profit 2: 20,870
Potential Stop Loss 1: 21,150
Potential Stop Loss 2: 21,380
