Nasdaq 100 1D Technical Analysis: Tech Stocks Under Pressure!Nasdaq 100 SPOTCFI:US100CFIThe Nasdaq 100 continues to trade within a well-defined rising channel, with higher highs and higher lows supporting the broader advance from the April low. However, recent price action has weakened after another rejection near the upper half of the channel, bringing attention back to trend support. Channel Support The latest selloff has pushed the index toward the lower boundary of the ascending channel, which currently intersects around 29,600-29,700. This area is particularly important because it has repeatedly acted as support throughout the August-October advance. The current reaction will determine whether buyers can maintain the channel structure or whether a deeper correction develops. 20-Day Moving Average Comes Under Pressure Price has slipped below the 20-day moving average near 30,535, suggesting short-term momentum has deteriorated following the rejection from recent highs. The moving average is now becoming the first resistance level overhead and may limit any initial recovery attempts. 28,764 Remains Key Structural Support Beneath current price, the 28,764 support level remains the most important horizontal support area on the chart. This zone previously acted as resistance before turning into support during the August breakout. A break below channel support could bring this level into focus. RSI Reflects Momentum Deterioration The RSI has fallen sharply to approximately 40, dropping below its 59 moving average. This shift highlights weakening bullish momentum and reflects the strongest pullback since the September advance. However, RSI remains above oversold territory, suggesting the market has not yet reached exhausted conditions. Bollinger Bands Signal Expanding Volatility Price has moved from the upper Bollinger Band toward the lower half of the Bollinger range, highlighting the recent increase in volatility. The rejection from the upper band near 31,387 reinforces the loss of upside momentum seen over the past several