E-MINI RUSSELL 2000 INDEX FUTURES (RTY1!), H4 Potential For Bullish Rise
Type:
Bullish Rise
Key Levels:
Resistance: 1791.8
Pivot: 1702.4
Support: 1642.8
Preferred Case:
On the H4, with price moving in an ascending trendline and bouncing off the ichimoku cloud , we have a bullish bias that price wil rise from the pivot at 1702.4 at the overlap support in line with the 61.8% fibonacci retracement and 78.6% fibonacci projection to the resistance at the swing high at 1791.8 in line with the 50% fibonacci retracement
Alternative Scenario:
Alternatively, price may break support structure at the pivot and drop to the support at 1642.8 at the swing low in line with the 61.8% 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.