Micro Dow Jones Futures (MYM1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 33429
Pivot: 32609
Support : 31859
Preferred Case: On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 32609 where the pullback support is to the 1st resistance at 33429 where the swing high resistance, -61.8% fibonacci expansion and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 31859 where the pullback support, 38.2% fibonacci retracement , -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Fundamentals: Due to fresh worries of global growth, we have a bearish view on the Dow Jones Index. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 33429
Pivot: 32609
Support : 31859
Preferred Case: On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 32609 where the pullback support is to the 1st resistance at 33429 where the swing high resistance, -61.8% fibonacci expansion and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 31859 where the pullback support, 38.2% fibonacci retracement , -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Fundamentals: Due to fresh worries of global growth, we have a bearish view on the Dow Jones Index. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results