NQ1 100 MF - AT A TRICKY LEVEL !
DAILY (D1)
As expected and mentioned yesterday, the failure to upside breakout the 16'450 area triggered a new wave of selling pressure, which as a result
pushed down the NQ1 towards a low so far of 15'765, testing on its way the top of the daily clouds support zone.
The NQ 1 is currently at a tricky level !!!
Indeed, the 15'800 area is also the former minor uptrend support line and a failure to hold above it would put the focus to lower levels having in mind
the lower band of the daily clouds support @ 15'400 ahead of the Head and Shoulders trigger level, currently @ 15'280.
RSI is below 50, @ 45.20 and the Lagging line has already cross under the Tenkan-Sen and is also very close to the Mid Bollinger Band.
4 HOURS (H4)
Looking at the H4, we can see the opposite move seen before yesterday when the price action triggered a cluster breakout to the upside; indeed, yesterday's
afternoon, this time the cluster breakout took place to the downside in its way, also breaking the H4 clouds support area, testing currently the ongoing uptrend
support line (in green)
RSI below 50, @ 38.80 and the Lagging line has already crossed under all the support lines and is also below the clouds.
1 HOUR (H1)
Small RSI bullish divergence which triggered a corrective small recovery so far; currently below TS, the clouds, MBB and KS.
Once again in order to neutralise the ongoing downside risk, the NQ1 should recover and hold above the 16'200-16'250 area !.
A failure to do it, would add further selling pressure, calling for lower levels
WEEKLY (W1)
Looking on the weekly time frame, the med/long term trend is still OK but a weekly closing below 15'900 should be seen as the first warning signal of a trend reversal
in that time frame which would be confirmed by the breakout of the Mid Bollinger Band, currently @ 15'569 ahead of the ultime support level @ 15'363.
A breakout confirmed of 15'363, on a weekly basis would be very negative and would put the focus to the 14'400 area (23.6% Fib ret of the big 6'628-16'767 rally) and also
the weekly top of the clouds support area.
Ironman8848 & Jean-Pierre Burki
As expected and mentioned yesterday, the failure to upside breakout the 16'450 area triggered a new wave of selling pressure, which as a result
pushed down the NQ1 towards a low so far of 15'765, testing on its way the top of the daily clouds support zone.
The NQ 1 is currently at a tricky level !!!
Indeed, the 15'800 area is also the former minor uptrend support line and a failure to hold above it would put the focus to lower levels having in mind
the lower band of the daily clouds support @ 15'400 ahead of the Head and Shoulders trigger level, currently @ 15'280.
RSI is below 50, @ 45.20 and the Lagging line has already cross under the Tenkan-Sen and is also very close to the Mid Bollinger Band.
4 HOURS (H4)
Looking at the H4, we can see the opposite move seen before yesterday when the price action triggered a cluster breakout to the upside; indeed, yesterday's
afternoon, this time the cluster breakout took place to the downside in its way, also breaking the H4 clouds support area, testing currently the ongoing uptrend
support line (in green)
RSI below 50, @ 38.80 and the Lagging line has already crossed under all the support lines and is also below the clouds.
1 HOUR (H1)
Small RSI bullish divergence which triggered a corrective small recovery so far; currently below TS, the clouds, MBB and KS.
Once again in order to neutralise the ongoing downside risk, the NQ1 should recover and hold above the 16'200-16'250 area !.
A failure to do it, would add further selling pressure, calling for lower levels
WEEKLY (W1)
Looking on the weekly time frame, the med/long term trend is still OK but a weekly closing below 15'900 should be seen as the first warning signal of a trend reversal
in that time frame which would be confirmed by the breakout of the Mid Bollinger Band, currently @ 15'569 ahead of the ultime support level @ 15'363.
A breakout confirmed of 15'363, on a weekly basis would be very negative and would put the focus to the 14'400 area (23.6% Fib ret of the big 6'628-16'767 rally) and also
the weekly top of the clouds support area.
Ironman8848 & Jean-Pierre Burki
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