Title
ES1! H4 | Approaching 78.6% Fibo resistance
Type
Bearish Reversal
Preference:
Price could approach the pivot point of 4179.09 and potentially reverse from here, we could see momentum carry price down to its 1st support of 4124.77.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance of 4205.94..
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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.