Pips Everest

NASDAQ FUTURE
In the last trading session NASDAQ Futures first Move down and made a low of 11674 and gave good bounce back and made a high of 12030. The price taking support from the daily support level of 11700. In the four hourly time frame the price is forming the pennant pattern and breakout to upside will be good bullish indication. Right now it is trading around 11860 and if it sustain above the 11900 then it can test the level of 11990,12080 and 12180 as well. On the other side, if it goes below 11780 then it can test the level of 11700,11620 and 11500 as well.
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“Happiness is a by-product of an effort to make someone else happy.” – Gretta Palmer, Author and Editor

“Happiness is a by-product of an effort to make someone else happy.” – Gretta Palmer, Author and Editor

Technical studies on daily chart remain in full bearish setup, as bearish momentum continues to rise, moving averages are in full bearish setup and 10/200DMA’s are converging and on track to form a death cross pattern that would add to negative signals.

Bears face immediate support at psychological $1800 level (also the base of thin daily cloud), followed by Monday’s spike low at $1786, break of which would signal bearish continuation and expose supports at $1769 (Fibo 76.4% of $1676/$2070) and $1753 (15 Dec 2021 low).

roken Fibo 61.8% of $1676/$2070 ($1826) marks solid resistance which should cap and maintain bearish bias.

Only sustained break above 200DMA would sideline bears.

Res: 1820; 1826; 1836; 1850.
Sup: 1800; 1786; 1780; 1769.

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