NASDAQ Micro E-mini Futures (MNQZ2024) Bullish Reversal Target
Trade Idea Summary:
This analysis highlights a potential bullish reversal in the NASDAQ Micro E-mini Futures December 2024 contract (MNQZ2024), focusing on Fibonacci support levels that may trigger a rebound.
Key Points:
• Fibonacci Support Levels: The price is testing major Fibonacci retracement levels at 0.5, 0.618, and 0.704, which are often reliable zones for potential reversals.
• Entry Zone: Look for a long entry within the 0.618 - 0.704 Fibonacci support area. For those who appreciate precise entries, the 0.79 level is an added gem – a personal favorite for catching deeper retracements with high reward potential.
• Profit Target: Aim for the resistance level near 20,870. This is the next significant hurdle, and it aligns with prior highs in the market.
• Stop Loss: Set a stop loss below the 1 Fibonacci extension (the lowest support level), to protect against further downside.
Trade Rationale:
If the price holds within the 0.618 - 0.79 Fibonacci support zone, it may attract buyers, increasing the likelihood of a move up toward the resistance level at 20,870. This setup offers a favorable risk-reward profile for a potential bullish reversal.
This analysis highlights a potential bullish reversal in the NASDAQ Micro E-mini Futures December 2024 contract (MNQZ2024), focusing on Fibonacci support levels that may trigger a rebound.
Key Points:
• Fibonacci Support Levels: The price is testing major Fibonacci retracement levels at 0.5, 0.618, and 0.704, which are often reliable zones for potential reversals.
• Entry Zone: Look for a long entry within the 0.618 - 0.704 Fibonacci support area. For those who appreciate precise entries, the 0.79 level is an added gem – a personal favorite for catching deeper retracements with high reward potential.
• Profit Target: Aim for the resistance level near 20,870. This is the next significant hurdle, and it aligns with prior highs in the market.
• Stop Loss: Set a stop loss below the 1 Fibonacci extension (the lowest support level), to protect against further downside.
Trade Rationale:
If the price holds within the 0.618 - 0.79 Fibonacci support zone, it may attract buyers, increasing the likelihood of a move up toward the resistance level at 20,870. This setup offers a favorable risk-reward profile for a potential bullish reversal.
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