Type: Bearish Momentum
Resistance: 3903.25
Pivot: 3698.75
Support: 3334.50
Preferred Case: On H4, with the price moving below the ichimoku cloud and descending trendline, we have a bearish bias that the price may drop from the pivot at 3698.75, which is in line with the 61.8% fibonacci projection and swing lows to the 1st support at 3334.50, where the 78.6% fibonacci projection and 100% fibonacci projection are.
Alternative scenario: Alternatively, the price may rise to the 1st resistance at 3903.25, where the 38.2% fibonacci retracement is.
Fundamentals: No major news
Resistance: 3903.25
Pivot: 3698.75
Support: 3334.50
Preferred Case: On H4, with the price moving below the ichimoku cloud and descending trendline, we have a bearish bias that the price may drop from the pivot at 3698.75, which is in line with the 61.8% fibonacci projection and swing lows to the 1st support at 3334.50, where the 78.6% fibonacci projection and 100% fibonacci projection are.
Alternative scenario: Alternatively, the price may rise to the 1st resistance at 3903.25, where the 38.2% fibonacci retracement is.
Fundamentals: No major news
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.