NK2251!, H4 | Potential Bearish Continuation
Title
NK2251!, H4 | Potential Bearish Continuation
Type
Bearish Reversal
Resistance: 26138.15
Pivot: 25614.96
Support: 24551.71
Preference:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will continue to drop from the pivot at 25614.96 in line with the pullback resistance, swing low and 100% fibonacci projection to the 1st support at 24551.71 in line with the horizontal swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 26138.15 in line with the 23.6% fibonacci retracement and overlap resistance.
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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.