S&P 500 E-mini Futures (CMEMINI:ES1!), H4 Potential for Bullish Momentum
Type:
Bullish Momentum
Key Levels:
Resistance: 4072.00
Pivot: 3981.50
Support: 3811.00
Preferred Case:
Price has just exited the descending trend channel and our MACD indicator shows that there is bullish pressure, which supports our bullish bias that price will rise from our pivot at 3981.50 in line with 23.6% fibonacci retracement and 78.6% fibonacci projection , to our overlap resistance at 4072.00 in line with the 38.2% fibonacci retracement
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the support level at 3811.00 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.