NASDAQ 100 - ONGOING DOWNTREND...
WEEKLY (W1)
Ongoing downside price action, close to the former low of 13'706 reached in January ahead of the first technical target I am still calling for @ 12'894 (see my previous analysis), which is the 38.2% Fibonacci retracement of the big rally (6'628.75 - 16'767.50)
A move towards this level would confirm a downside breakout of the clouds bottom support, currently @ 13'170 and therefore would add further selling pressure.
RSI @ 36.48 is still converging to the downside.
Only a sustainable recovery above 14'550 (weekly top clouds area) would neutralize the ongoing downside risk and would force to a view reassessment of this expected bearish scenario.
LOOKING AHEAD TO THE UPSIDE KEY PIVOT LEVELS REMAINS BETWEEN 15'182 AND 15'436 !!!
Last but not least, do not forget that even if the NQ1 reached 12'894, it would only be the 38.2% Fib ret and therefore there is still plenty of space below towards the 50% Fib ret @ 11'698 with intermediate support around 11'300 (monthly clouds bottom area).
DAILY (D1)
WATCH THE SECONDARY DOWNTREND LINE RESISTANCE, currently @ 14'350 AS THE FIRST SIGNIFICANT RESISTANCE TO BREAK on this daily time frame.
Downside : watch carefully at the ongoing price action and at the daily closing level (potential bullish divergence !!
4 HOURS (H4)
Potential RSI bullish divergence in progress (wait for ongoing candle closing) for validation or invalidation
1 HOUR (H1)
Also potential RSI bullish divergence ! check ongoing candle closing price !)
IRONMAN8848 & Jean-Pierre Burki
Ongoing downside price action, close to the former low of 13'706 reached in January ahead of the first technical target I am still calling for @ 12'894 (see my previous analysis), which is the 38.2% Fibonacci retracement of the big rally (6'628.75 - 16'767.50)
A move towards this level would confirm a downside breakout of the clouds bottom support, currently @ 13'170 and therefore would add further selling pressure.
RSI @ 36.48 is still converging to the downside.
Only a sustainable recovery above 14'550 (weekly top clouds area) would neutralize the ongoing downside risk and would force to a view reassessment of this expected bearish scenario.
LOOKING AHEAD TO THE UPSIDE KEY PIVOT LEVELS REMAINS BETWEEN 15'182 AND 15'436 !!!
Last but not least, do not forget that even if the NQ1 reached 12'894, it would only be the 38.2% Fib ret and therefore there is still plenty of space below towards the 50% Fib ret @ 11'698 with intermediate support around 11'300 (monthly clouds bottom area).
DAILY (D1)
WATCH THE SECONDARY DOWNTREND LINE RESISTANCE, currently @ 14'350 AS THE FIRST SIGNIFICANT RESISTANCE TO BREAK on this daily time frame.
Downside : watch carefully at the ongoing price action and at the daily closing level (potential bullish divergence !!
4 HOURS (H4)
Potential RSI bullish divergence in progress (wait for ongoing candle closing) for validation or invalidation
1 HOUR (H1)
Also potential RSI bullish divergence ! check ongoing candle closing price !)
IRONMAN8848 & Jean-Pierre Burki
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