Micro E-mini S&P500 Futures (MES1!), H4 Potential For Bearish Momentum
Type:
Bearish Momentum
Key Levels:
Resistance: 1.0791
Pivot: 1.0668
Support: 1.0364
Preferred Case:
On the H4, with price moving in a descending trendline on the RSI and price recently breaking the ascending trend channel, we have a bearish bias that price will drop form the pivot at 3834.00 in line with the 50% fibonacci retracement to the 1st support at 3641.25 at the swing low in line with the 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 3940.75 at the swing high in line with the 61.8% fibonacci retracement and 61.8% fibonacci projection.
Fundamentals:
No major news
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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.