DJ30 4H | Bearish Reversal
Title
DJ30 4H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is rising toward the pivot level at 44,524.97, a pullback resistance that aligns with the 78.6% Fibonacci retracement and the 100% Fibonacci projection, indicating a strong level of resistance. A rejection from the current level could drive the price lower towards the 1st support at 43,384.63, which aligns with a previous swing-low support area.
Alternative Scenario:
If the price breaks above the pivot level, it may rise toward the 1st resistance at 45,150.32, a major resistance area.
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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.