Type:
Bullish Rise
Key Levels:
Resistance: 4202.75
Pivot: 4072.00
Support: 3949.75
Preferred Case:
On the H4, with price moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 4072.00 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 4202.75 where the swing high resistance is.
Alternative Scenario:
Alternatively price could break pivot structure and drop to 1st support at 3949.75 where the pullback support, 50% fibonacci retracement and 100% fibonacci projection are.
Fundamentals:
Due to fresh worries of global growth, we have a bearish view on the Dow Jones Index. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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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.