DAX INDEX FUTURES (FDAX1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 12999
Pivot: 12809
Support : 12415
Preferred Case: On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 12809 where the pullback resistance is to the 1st support at 12415 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 12999 where the pullback resistance, 61.8% fibonacci projection and 23.6% fibonacci retracement are.
Fundamentals: Due to the extended Nord Stream 1 halt, we have a bearish view on the DAX Index .
Resistance : 12999
Pivot: 12809
Support : 12415
Preferred Case: On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 12809 where the pullback resistance is to the 1st support at 12415 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 12999 where the pullback resistance, 61.8% fibonacci projection and 23.6% fibonacci retracement are.
Fundamentals: Due to the extended Nord Stream 1 halt, we have a bearish view on the DAX Index .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results