E-Mini NASDAQ 100 (NQ1!) H4, Potential Bullish Bounce
Type : Bullish bounce
Resistance: 128"07"0
Support : 126"24"5
Pivot : 127"04"0
Preferred Case:
With price moving above the ichimoku cloud, we are biased that price will rise from our 1st support at 14493 in line with the horizontal overlap support and 50% Fibonacci retracement to 1st resistance at 15275 in line with the horizontal swing high resistance and 61.8% Fibonacci projection level.
Alternative scenario :
Alternatively, price may break pivot structure and head to 1st support level at 13846 in line with the 61.8% Fibonacci projection level and horizontal swing low support.
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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.