Title
US30 H4 | Bearish breakout
Type
Bearish Breakout
Preference:
The price could fall to the pivot at 38120.6, the overlap support, from there it might reverse to the 1st support at 37769.8, the overlap support that aligns with 61.8% Fibonacci retracement.
Alternative scenario:
It might reverse to pivot and bounce off the pivot. The price could rise to the 1st resistance at 38343.97, the overlap resistance.
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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.