NQ1 100 MF-D1-BEARISH STRUCTURE !
DAILY (D1)
Despite a sharp recovery attempt seen yesterday towards an intraday high @ 14'639.75, the Nasdaq failed to recover firstly above :
1) the Tenkan-Sen @ 14'679
2) the secondary downtrend resistance line around 15'000
3) the Kijun-Sen
4) and last but not least above the Mid Bollinger Band @ 15367 and above the clouds resistance area (15676-16'052)
Having in mind this overall broad bearish picture it is very difficult to find positive technical arguments which could support an opposite view, isnt'it ?
In addition, looking at the bottom of this daily chart, you can see (in overlay) the level of the weekly clouds support area (13'950-12'760) which should be seen as
the next very important support area with the FIRST STRATEGIC TECHNICAL TARGET @ 12'894, which is only... the 38.2% Fibonacci retracement of the big rally which started
in March 2020 @ 6628.75 towards the ATH reached last November @ 13'767.50 (performance of + 7'138.75 or + 107.69 %).
Second strategic technical target is @ 11'698.25 (50% Fib ret) which is also the Kijun-Sen level on the monthly picture !!!
4 HOURS (H4)
Ongoing persisting downward pressure in a sideways price action
Below the cluster of TS, MBB and KS (14'230-14'280) and below the H4 clouds too !
1 HOUR (H1)
Currently facing the H1 clouds resistance area (very thin !) and also the Bollinger Band and the Kijun-Sen.
Watch the clouds
Ironman8848 & Jean-Pierre Burki
Despite a sharp recovery attempt seen yesterday towards an intraday high @ 14'639.75, the Nasdaq failed to recover firstly above :
1) the Tenkan-Sen @ 14'679
2) the secondary downtrend resistance line around 15'000
3) the Kijun-Sen
4) and last but not least above the Mid Bollinger Band @ 15367 and above the clouds resistance area (15676-16'052)
Having in mind this overall broad bearish picture it is very difficult to find positive technical arguments which could support an opposite view, isnt'it ?
In addition, looking at the bottom of this daily chart, you can see (in overlay) the level of the weekly clouds support area (13'950-12'760) which should be seen as
the next very important support area with the FIRST STRATEGIC TECHNICAL TARGET @ 12'894, which is only... the 38.2% Fibonacci retracement of the big rally which started
in March 2020 @ 6628.75 towards the ATH reached last November @ 13'767.50 (performance of + 7'138.75 or + 107.69 %).
Second strategic technical target is @ 11'698.25 (50% Fib ret) which is also the Kijun-Sen level on the monthly picture !!!
4 HOURS (H4)
Ongoing persisting downward pressure in a sideways price action
Below the cluster of TS, MBB and KS (14'230-14'280) and below the H4 clouds too !
1 HOUR (H1)
Currently facing the H1 clouds resistance area (very thin !) and also the Bollinger Band and the Kijun-Sen.
Watch the clouds
Ironman8848 & Jean-Pierre Burki
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.