NQ1 100 MF-1ST IMPORTANT SUPPORT LEVEL! by Ironman8848 on TradingView.com


Last week closing price triggered a SHOOTING STAR BEARISH SIGNAL)
Ongoing downside price action is showing the Nasdaq 100 coming back again the clouds support area !
Only a sustainable recovery above the KIJUN-SEN @ 14’855 (weekly closing basis) would neutralise this ongoing downside move.


The 38.2% Fibonacci retracement @ 14’380 has roughly been reached yesterday (low being @ 14’394.75 !)

The Mid Bollinger band (my barometer) has also been briefly broken but the Nasdaq managed at the end of the previous session to close @ 14’505, slightly
above the MBB @ 14’417…

So what next ?


Well, if the Nasdaq 100 is able to hold above the Mid Bollinger Band (14’463) and we will see a recovery attempt which should move and hold on a daily closing basis above the top of the daily clouds @ 14’855 which is, also by the way, the level of the WEEKLY KIJUN-SEN, meaning a very, very important level which should not be underestimated !!!

A successful recovery above that level would get a break and would potentially open the door for the new downtrend line resistance, currently @ 15’123 ahead of a retest of former high @ 15’268


A failure to close, on a daily basis, above 14’463 would add increase the risk for further downside towards the 50% Fib ret @ 14’105 & Kijun-Sen, ahead of the bottom of the daily clouds, currently @ 13’925, slightly above the 61.8% Fib ret @ 13’831

4 HOURS (H4)

Currently below the clouds, the TS KS and MBB 

RSI @ 28.30 in oversold territory ! Watch for a potential Bullish divergence

LAGGING LINE in the clouds…

A sustainable recovery above the TS @ 14’628 would be the first positive signal for a short term recovery in this H4 time frame, which as long as it is not confirmed by a bullish divergence should still be seen as a corrective move only…

1 HOUR (H1)

Currently far below the clouds !

Nevertheless, a “shy” RSIbullish divergence triggered such kind of stabilization in this H1 time frame which is materialized by the current sideways/up price action.
Watch MBB (14’508) in resistance ahead of the Kijun-Sen @ 14’618 as breakout confirmation for further upside.

The latter level of 14’618, corroborating the H4 TS level !!!

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.