Title: 10-YEAR T-NOTE FUTURES (ZN1!), H4 Potential for Bearish Continuation
Type : Bearish Momentum
Resistance : 118'06'0
Pivot: 117'18'5
Support : 116'14'0
Preferred Case: On the H4, with price recently breaking the ascending trend channel and moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the pivot at 117'18'5 at the swing low in line with the 61.8% fibonacci projection and 50% fibonacci retracement to the 1st support at 116'14'0 at the swing low in line with the 100% fibnoacci projection. However, we will wait for price to break the support structure at the pivot for downside confirmation before playing this move.
Alternative scenario: Alternatively, price may reverse off the pivot and rise to the 1st resistance at 118'06'0 at the pullback resistance.
Fundamentals: US indexes moved moderately higher with better-than-expected US economic reports. Hence, we have a bullish view on the 10-year t-note futures.
Type : Bearish Momentum
Resistance : 118'06'0
Pivot: 117'18'5
Support : 116'14'0
Preferred Case: On the H4, with price recently breaking the ascending trend channel and moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the pivot at 117'18'5 at the swing low in line with the 61.8% fibonacci projection and 50% fibonacci retracement to the 1st support at 116'14'0 at the swing low in line with the 100% fibnoacci projection. However, we will wait for price to break the support structure at the pivot for downside confirmation before playing this move.
Alternative scenario: Alternatively, price may reverse off the pivot and rise to the 1st resistance at 118'06'0 at the pullback resistance.
Fundamentals: US indexes moved moderately higher with better-than-expected US economic reports. Hence, we have a bullish view on the 10-year t-note futures.
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