⏳ Expires: 02/04/2025 - 12:00
Market Outlook
Trade Details
Risk/Reward Ratio: 2.07:1
Key Levels
Resistance:
Support:
Technical & Fundamental Factors
✅ Bearish 5-Wave Count Completed – Suggests potential for further downside.
✅ Fibonacci Resistance at 18,796 – Aligns with key technical levels.
✅ Previous Support Turned Resistance – 19,423 may act as a rejection zone.
⚠️ ISM Manufacturing PMI Release (01/04/2025 at 15:00) – Potential market-moving event to watch.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Market Outlook
- A 5-wave bearish count has completed at 18,818, indicating potential downside.
- The 261.8% Fibonacci extension from 20,363 to 19,765 is located at 18,796, reinforcing bearish momentum.
- Equities opened higher due to an overnight positive theme, but previous support at 19,423 has now turned into resistance.
Trade Details
- Entry (Sell Limit): 19,415
- Stop Loss: 19,555 (-140 points)
- Take Profit: 19,125 (+290 points)
Risk/Reward Ratio: 2.07:1
Key Levels
Resistance:
- R1: 19,415 (Bespoke Resistance)
- R2: 19,423 (Previous Support Turned Resistance)
- R3: 20,636
Support:
- S1: 19,157
- S2: 19,124
- S3: 18,796 (Fibonacci Extension Target)
Technical & Fundamental Factors
✅ Bearish 5-Wave Count Completed – Suggests potential for further downside.
✅ Fibonacci Resistance at 18,796 – Aligns with key technical levels.
✅ Previous Support Turned Resistance – 19,423 may act as a rejection zone.
⚠️ ISM Manufacturing PMI Release (01/04/2025 at 15:00) – Potential market-moving event to watch.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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.