2022/02/28 07:41 aM – NASDAQ 100 MINI FUT -W1 – ONGOING STRATEGIC DOWNTREND !

NQ1 100MF-ONGOING STRATEGIC DOWNTREND ! by Ironman8848 on TradingView.com

WEEKLY (W1)

Last week price action triggered a sharp decline which reached nearly my technical target @ 12’894 (low being @ 13’015).

After having briefly broken the weekly clouds support, the Nasdaq recovered nicely ( HAMMER ) and closed roughly at the top of the week @ 14’180 (high being 14’196).

Nevertheless, it failed to cross over the secondary downtrend line resistance and also to breakout the weekly top clouds resistance zone .

This failure should be seen as a negative signal for the ongoing price action which is expected to move lower towards the bottom of the weekly clouds support zone , currently @ 13’182, slightly above the last week former low @ 13’025

On the upside, the first significant resistance level to look at is @ 14’125 (ongoing secondary downtrend line resistance) ahead of the weekly top clouds resistance area , currently @ 14’618 and more important the TS KS cluster (14’894-14’896) ahead of “MY BAROMETER”, THE MID BOLLINGER BAND ƒ 15’390

RSI below 50 @ 37’30. converging to the downside

LAGGING LINE below TS and KS

DAILY (D1)

Friday’s price action, LONG WHITE CANDLE, has been rejected by the Kijun-Sen (14’183), in resistance,

Ongoing price action is showing an attempt to hold above the Tenkan-Sen @ 13’847.

RSI below 50, @ 40 .58

LAGGING LINE far below the clouds and KS and TS .

A daily closing below 13’725 would trigger a DARK CLOUD COVER and would add further selling pressure towards lower levels towards the former lows

On the upside, a daily closing above the KS @ 14’183 would temporary neutralise the ongoing downside risk; indeed, above this first resistance, the next one will be the Mid Bollinger Band (@ 14’423) and last but not least, still the DAILY CLOUDS which should be seen as the MAJOR RESISTANCE AREA BETWEEN 15’000 AND 15’250

4 HOURS (H4)

Currently caught between the Mid Bollinger Band in support and the Tenkan-Sen in first resistance…

Above, watch the H4 clouds resistance area , currently between 14’026 and 14’324

On the downside, MBB @ 13’741 ahead KS @ 13’611

Watch shorter intraday time frames to get clues which will help you to validate or invalidate the implications of scenarios previously mentioned for D1 and W1.

Have a nice week

All the best

Take care

IRONMAN8848 & Jean-Pierre Burki

Disclaimer / Avertissement :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

Toutes les opinions exprimées dans mes analyses sont les miennes et ne représentent pas les opinions d’une entité, quelle qu’elle soit, avec laquelle j’ai été, je suis ou je serai affilié. Toute action que vous entreprenez sur la base des informations contenues dans ces analyses est strictement à vos propres risques et ne doit pas être considérée comme un conseil. L’auteur n’assume aucune responsabilité pour toute erreur ou omission dans le contenu de ses analyses. Les informations contenues sont fournies “en l’état”, sans garantie d’exhaustivité, d’exactitude, d’utilité ou d’opportunité et sans aucune garantie de quelque nature que ce soit, expresse ou implicite.