Title
DJ30 4H | Bearish Continuation
Type
Bearish Reversal
Preference:
The price is currently trading below the pivot level at 44,608.99 which aligns with the 61.8% Fibonacci retracement, signaling potential bearish momentum. A continuation of this decline could drive the price towards the 1st support at 44,004.36, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it may rise toward the 1st resistance at 45,105.14, a swing-high resistance
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.