Type : Bearish Drop Resistance : 32600 Pivot: 31872 Support : 30974
Preferred Case: On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 31872 where the pullback resistance and 23.6% fibonacci retracement are to the 1st support at 30974 where the swing low support and 78.6% fibonacci retracement are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 32600 where the pullback resistance, 50% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Due to the easing treasury yeilds and oil prices, we have a bullish bias on the Dow Jones Index. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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