S&P 500 E-mini Futures ( ES1! ), H4 Potential for Bullish Continuation
Type:
Bullish Continuation
Key Levels:
Resistance:
4173.25
Pivot:
3913.25
Support:
3751.75
Preferred Case:
We have a bullish bias on the H4 chart. In addition, price is above the Ichimoku cloud , indicating a bullish market. If the bullish momentum continues, price may move towards the resistance line at 4173.25, which is marked by the 78.6% Fibonacci Fibonacci line.
Alternative Scenario:
Price may fall back to retest the pivot line at 3913.25, which is also the 50% Fibonacci line.
Fundamentals:
There are 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.