Nasdaq-100 Futures (NQ1!) H4 | Heading into a Pullback Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 20,886.75
Pivot: 20,750.25
Support: 20,429.25
Preferred Case:
Looking at the H4 chart, the price could rise towards a pullback resistance and stall around this level before reversing to fall toward the 1st Support at 20,429.25. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 20,750.25 and rise toward the 1st resistance at 20,886.75.
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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.