NASDAQ ( NQ1! ), H4 Potential For Bullish Momentum

44214 nasdaq nq1 h4 potential for bullish momentum

Type:

Bullish Momentum

Key Levels:

Resistance: 12599.75

Pivot: 12270.00

Support: 12106.25

Preferred Case:

On the H4, with price moving in an ascending trend channel, we have a bullish bias that price will continue to rise from the pivot at 12270.00 at the pullback resistance to the 1st resistance at 12599.75 at the swing high in line with the 78.6% fibonacci retracement and 100% fibonacci projection.

Alternative Scenario:

Alternatively, price may reverse off the pivot and drop to the 1st support at 12106.25 at the swing low in line with the 50% fibonacci retracement.

Fundamentals:

No major news

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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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