Title
DJ30 H4 | Bearish Drop
Type
Bearish Drop
Preference:
price has just reacted off the pivot of 42,215.85, a multi-swing high resistance. A fall from this level could lead the price to drop to 1st support at 41,796.57 a pullback support.
Alternative Scenario:
If price breaks above the pivot, it could rise to 1st resistance at 42,335.63, which lines up with the 127.2% Fibo extension
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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.