NQ1 100 MF-D1-DOJI EVENING STAR !DAILY (D1)
Following the recent rally seen over the last couple of days, yesterday's price action triggered a "DOJI EVENING STAR" which closed slightly above
the Mid Bollinger Band..but as this kind of pattern is usually bearish, the Nasdaq opened today with a gap and roughly at the level of the ongoing uptrend
support line.
Today's price acton should be monitor very closely as a failure to recover above the Mid Bollinger Band (15'013) on a daily closing basis would add further selling pressure
calling for a move towards the first significant support level @ 14483 (TS); a daily closing level below 14483 would, again, put the Nasdaq below the former downtrend resistance line
and therefore increase the selling pressure accordingly, towards the weekly clouds support area (in overlay on the Daily chart( 13'975-12'903)
RSI failed to recover above 50, being currently @ 43.50.
Lagging line reversed too.
THE STRATEGIC TECHNICAL TARGET REMAINS @ 12'894 !
Only a sustainable move above 15200 would force to a view reassessment of the expected ongoing bearish scenario.
4 HOURS (H4)
Currently, still above the H4 clouds but already below TS and MBB in a new ongoing downtrend (in this H4 time frame)
The Lagging lane is again below the clouds .
Watch the clouds as the next support area (14'680-14'210);
38,2% Fib ret @ 14'714
50.0 % Fib ret @ 14'545
61.8% Fib ret @ 14'377
and 78.6% Fib ret @ 14'136 (roughly the bottom of the H4 clouds zone )
RSI slightly above 50 @ 50.77
1 HOUR (H1)
Currently in the clouds !
A failure to stay within the clouds and quickly recover above it would add conviction for further downside towards the levels
previously mentioned in H4
In this short term time frame the 15'000-15'200 area should be clearly broken on a closing basis; otherwise, as already mentioned
the downward selling presure will accelerate the move !
Ironman8848 & Jean-Pierre Burki
