A potential continuation of technical downtrends on display
Nasdaq Composite Index(IXIC); A strong continuation of technical downtrends on display in the daily time frame.
Two technical patterns need to be observed in the daily chart. The bearish flag pattern outlined in blue and the long-term price channel developed during the Covid-19 pandemic both aligned with the 10353 support line, which could trigger a sell-off.
The index survived the previous pullback to the 10353 support line but will it survive this time? 10353 and 10038 estimates are considered critical support levels according to the technical indicator. 10038 is the last line of defence; fail at this level, and the index could fall to 9518 and 8486.
Not financial advice; the analysis is based on my technical indicator for educational purposes only.
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