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
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