Type:
Bearish Dip
Key Levels:
Resistance: 13979
Pivot: 13791.25
Support: 13110.5
Preferred Case:
On the H4 chart, price is near pivot level of 13791.25 in line with 50% Fibonacci retracement. Price can potentially dip to the take profit level of 13110.5 in line with 61.8% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator as price is trading below it
Alternative Scenario:
Alternatively , price may continue its rally to the graphical pull back resistance level of 13979 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator as price is trading below it.
Fundamentals:
With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might be a good opportunity to look into.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.