E-MINI DOW JONES FUTURES (YM1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 32508
Pivot: 31698
Support : 31008
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise to the pivot at 31698 where the swing high resistance, 161.8% fibonacci extension and 61.8% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 32508 in line with pullback resistance, 61.8% fibonacci projection and 78.6% fibonacci retracement .
Alternative scenario: Alternatively, price could drop to 1st support at 31008 in line with the pullback support and 38.2% fibonacci retracement .
Fundamentals: No major news
Resistance : 32508
Pivot: 31698
Support : 31008
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise to the pivot at 31698 where the swing high resistance, 161.8% fibonacci extension and 61.8% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 32508 in line with pullback resistance, 61.8% fibonacci projection and 78.6% fibonacci retracement .
Alternative scenario: Alternatively, price could drop to 1st support at 31008 in line with the pullback support and 38.2% fibonacci retracement .
Fundamentals: No major news
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