NASDAQ 100 E-MINI FUTURES (NQ1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 13739.50
Pivot: 12956.00
Support : 12271.25
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending channel , we have a bearish bias that the price may drop to the pivot at 12956.00 where the overlap support, 100% fibonacci projection and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 12271.25 where the pullback support and 61.8% fibonacci retracement are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 13739.50, where the swing high resistance and -61.8% fibonacci expansion are.
Fundamentals: We have a bearish outlook on the NASDAQ Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.
Resistance : 13739.50
Pivot: 12956.00
Support : 12271.25
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending channel , we have a bearish bias that the price may drop to the pivot at 12956.00 where the overlap support, 100% fibonacci projection and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 12271.25 where the pullback support and 61.8% fibonacci retracement are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 13739.50, where the swing high resistance and -61.8% fibonacci expansion are.
Fundamentals: We have a bearish outlook on the NASDAQ Index due to worries of interest rate increases prior to the central bank's annual Jackson Hole economic conference.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results