Since reaching its high around 29,687, the Nasdaq 100 has been in a downtrend but may be approaching oversold levels. A technical rebound toward the 21-day SMA at 29,178 is likely in the coming days.
The NQ100 is currently within a downtrend channel, and a technical rebound could occur if it reaches the lower band of the downtrend channel; this could be seen as an opportunity to take long positions with a target of 29,000.
A consolidation above the 21 SMA could signal a recovery for the NASDAQ, and we could expect it to reach 29,687 and potentially even hit the psychological level of 30,000 points.
If bearish pressure prevails, a pullback toward 29,178 could be considered an opportunity to take short positions with medium-term targets around the 2/8 Murray line at 28,125, and ultimately, we could expect it to reach the 200 EMA around 27,486.
The Eagle indicator has reached oversold levels, so a technical rebound is likely to occur in the coming days.
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