NASDAQ futures(NQ1!) , H4 potential for bearish dip
Title : NASDAQ futures(NQ1!) , H4 potential for bearish dip
Type: Bearish Dip
Resistance: 14763.75
Pivot: 14662.75
Support: 14232.00
Preferred case: Price near pivot level of 14662.75 in line with 78.6% Fibonacci retracement. Price can potentially dip to the take profit level of 1.232.00 in line with 23.6% Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is at resistance level.
Alternative scenario: Price can potentially rally to 14829.25 which is a graphical overlap resistance.
Fundamentals: With the recent hawkish tone set by the US federal reserve. There is a possibility that the FED will do rate hikes more aggressively in the near future. However, with the numerous complications due to the sanctions place on Russia and its abundance of natural resources. The near term growth of the stock market continue to be murky and unpredictable. In this 2 scenario, both fundamentals and technicals align, thus it might be a good opportunity to look in to NQ1!
Type: Bearish Dip
Resistance: 14763.75
Pivot: 14662.75
Support: 14232.00
Preferred case: Price near pivot level of 14662.75 in line with 78.6% Fibonacci retracement. Price can potentially dip to the take profit level of 1.232.00 in line with 23.6% Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is at resistance level.
Alternative scenario: Price can potentially rally to 14829.25 which is a graphical overlap resistance.
Fundamentals: With the recent hawkish tone set by the US federal reserve. There is a possibility that the FED will do rate hikes more aggressively in the near future. However, with the numerous complications due to the sanctions place on Russia and its abundance of natural resources. The near term growth of the stock market continue to be murky and unpredictable. In this 2 scenario, both fundamentals and technicals align, thus it might be a good opportunity to look in to NQ1!