Nasdaq has formed a bearish trend with the structure of lower lows and lowers highs. With that, we are looking for a premium resistance level from where we can go short on the indice and continue riding it towards the lower side. The optimum short level will be at the price of 14820. 

The descending trendline is the retest level at the resistance level which will have an impact for the bearish side.

The retracement level of 75% is in confluence with the resistance level and will have a solid bearish impact from the level. 

EMA 50 is still bearish and might retest at the resistance level from where we see a confluence of multiple factors.

RSI is at 45. It needs to dwell towards the 50 level which is the neutralized level and from there, we continue hoping downwards.

Inverse head and shoulders on Nasdaq

Oct 24 2023