Title
NAS100 H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 20,655.68, an overlap resistance close to 38.2% Fibonacci retracement. A reversal at this level could cause the price to drop to 1st support at 20,142.27, a pullback support close to 78.6% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 20,978.81, a pullback retracement
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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.