Nasdaq has been printing a bearish sentiment and momentum with the formation of lower lows and lower highs. With that, we are looking to sell Nasdaq at the price of 14960. This is the resistance level which seemingly tends to have a bearish impact. The target price for the support will be our profit target.

The market is in a descending channel, which means, it can fall further towards the support trendline. This can also act as a profit target for us.

There is no retracement on this at this setup.

EMA 50 is bearish right now and we do not see any retest happening soon at the ressitance level.

RSI is at 42. This needs to be neutralized at the 50 level where the technical analysis on the charts align with the osscilator with the prices.

Shorting Nasdaq from 14960

Oct 19 2023