The bleu highlighted area at the top indicates a supply zone where the price has repeatedly failed to break higher.
This suggests strong selling pressure at this level.
The recent price action shows a potential bearish trend.
Given the repeated failure to break above the supply zone and the projected downward movement, market sentiment appears bearish for NASDAQ in the short term.
Consider entering a short position around the current price level or upon confirmation of a downward move from the resistance zone.
Targets would be the support levels at 19698.53.
Ensure proper risk management by sizing the position appropriately and setting stop losses.
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