E-mini Dow Jones (S5) Futures (YM1!), H4 Potential For Bearish Drop
Type:
Bearish Momentum
Key Levels:
Resistance: 31858
Pivot: 30783
Support: 29662
Preferred Case:
On the H4, with price recently breaking the ascending trendline, we have a bearish bias that price will drop from the pivot at 30783 in line with the overlap resistance and 50% fibonacci retracement to the 1st support at 29662 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 31858 at the pullback swing high in line with the 61.8% fibonacci retracement and 78.6% 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.