NASDAQ price projection is showing for 8035.5 on the hopes of resolutions to the trade war and FED rate cuts.
If we do go for it. And can't break this barrier (yet again). It is going to hurt going down.
1H Chart Explanation:
- Price is on the Top of a Descending Wedge, on a minor Ascending Channel and against a Resistance Zone.
- Bearish Divergence on MACD.
- Price is against a Resistance Zone.
- If price breaks the Channel, it has potential to move down towards the Convergence Level (Support Zone + Bottom of the Wedge).
Updates coming soon!
The situation with China and now Mexico tariffs will be drawn out, there may be two rate cuts but the Fed will wait for the data to support it, meantime we will see more volatility.
I may look to flip the trade if there is very clear resistance at the cloud and .786 fib.
Nasday is seemingly bearish. Bulls seem to have been exhausted steam making way for the bears t jump in the drivers seat.
Im anticpating a bearish momentum for the remainder of the week of 5-7 june 2019
1H Chart Explanation
- Price is currently on the bottom of a Descending Wedge.
- Bullish Divergence on MACD.
- In case price breaks the Descending Trendline, it has potential to move up towards the Resistance Zone at 7258.
However, we STILL SHORT in the Long Term. You can check our 4H Analysis.
4 Hour Vision