Title
DE30 H4 | Bearish breakout
Type
Bearish Breakout
Preference:
The price could continue the downtrend and break the pivot at 17065.2, the overlap support. Then it could fall to the 1st support at 16880.39, the swing-low support that aligns with the 78.6% Fibonacci retracement.
Alternative scenario:
It could bounce off the pivot and rise to the 1st resistance at 17170.36, the swing-high resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.