Nasdaq chart analysis: Bearish forecast in the hourly charts

Nasdaq chart analysis: Bearish forecast in the hourly charts

The Nasdaq started yesterday in the area of ​​17,740 points and initially recorded slight losses in the morning, but quickly stabilized and rose above the 17,700 point mark. During official trading, volatility increased significantly, initially reaching the daily high, followed by a rapid downward trend until the end of the day. Stabilization was only achieved at around 17,567 points, followed by a recovery until the evening, before a dynamic downward trend began in night trading.

In the 1-hour chart, the Nasdaq was observed to be trading above the SMA20 but retreated below this line throughout the day. Despite temporarily exceeding the SMA200, the bulls were unable to keep the index above this line. Subsequent losses fell well below the SMA20 and SMA50 before the index stabilized around the SMA20. This development has turned the hourly chart in a bearish direction, and as long as the Nasdaq trades below the SMA50, further losses could follow up to the 16,750/725 point range.

For now, a possible recovery could lead to the SMA50-SMA20 lines, which are relatively close to each other. A dynamic break of these lines could trigger an uptrend with momentum and momentum. A direct move to the SMA200 would be ideal, although what matters is whether the index manages to stay above this line. Only then would the way up be clear, but the SMA200 represents a significant hurdle.

Evaluating the short-term chart image gives a bearish forecast for the Nasdaq. Viewing the 4-hour chart provided further information that enables a comprehensive analysis of the market and possible trading strategies.