Title
NAS100USD H4 | Potential bearish breakout
Type
Bearish Breakout
Preference:
Price is falling towards the pivot point of 16542.7 which is a pullback support and could potentially break under this level; we could see momentum carry price down to its 1st support at 16321.47 which is a support level that aligns with a confluence of Fibonacci levels i.e. the 50.0% retracement and the 161.8% extension.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 16611.94 which is a pullback resistance level.
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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.