DAX INDEX FUTURES (FDAX1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 14239
Intermediate Resistance: 13980
Pivot: 13661
Support : 13350
Preferred Case: On the H4, with price expected to bounce off the stochastic support, we have a bullish bias that price will rise to the pivot at 13661 where the pullback resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to the take profit at 14239 in line with 100% fibonacci projection and 78.6% fibonacci retracement. Take note of intermediate resistance at 13980 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could drop to 1st support at 13350 where the overlap support, -27.2% fibonacci expansion, 127.2% fibonacci extension and 38.2% fibonacci retracement are
Fundamentals: No Major News
Resistance : 14239
Intermediate Resistance: 13980
Pivot: 13661
Support : 13350
Preferred Case: On the H4, with price expected to bounce off the stochastic support, we have a bullish bias that price will rise to the pivot at 13661 where the pullback resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to the take profit at 14239 in line with 100% fibonacci projection and 78.6% fibonacci retracement. Take note of intermediate resistance at 13980 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could drop to 1st support at 13350 where the overlap support, -27.2% fibonacci expansion, 127.2% fibonacci extension and 38.2% fibonacci retracement are
Fundamentals: No Major News