Type:
Bullish Rise
Key Levels:
Resistance: 33437
Pivot: 32495
Support: 31864
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 32495 where the pullback support is to the 1st resistance at 33437 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative Scenario:
Alternatively price could break pivot structure and drop to 1st support at 31864 where the pullback support, 38.2% fibonacci retracement and 78.6% 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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Written by Desmond Leong
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.
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