Nasdaq Forms a Bearish Pattern Amid Profit-Taking Pressure!Nasdaq 100 SPOTCFI:US100CFIThe Nasdaq Index declined by 1.8% during Tuesday's session, closing near the 29,960 level as investors rotated into traditional sectors such as banking and industrials, benefiting from the continued decline in oil prices. Crude oil settled below $80 per barrel for the first time since early March, while technology stocks faced profit-taking pressure after leading the market's gains in recent weeks. Looking at Tuesday's trading session, as illustrated in the accompanying chart, selling pressure dominated throughout the day. This is reflected in the daily candlestick, which completely engulfed Monday's candle, together forming a bearish technical pattern known as a Bearish Engulfing. The chart also highlights a price gap near the 29,740 level, which coincides with the 20-day moving average, making this area an important support zone in the near term. As a result, the Nasdaq is currently caught between the downside pressure created by the bearish candlestick pattern, which could lead to a move toward closing the price gap, and the possibility of resuming its upward trend and posting further gains that would invalidate the current negative signals. Continued weakness in oil prices is likely to support investor confidence by reinforcing expectations of easing inflationary pressures and a stronger US economic outlook. Meanwhile, markets are awaiting today's Federal Reserve interest rate decision, with broad expectations that policymakers will leave rates unchanged at 3.75%.