Type:
Bearish dip
Key Levels:
Resistance: 14372.25
Pivot: 13842.25
Support: 12724.25
Preferred Case:
Price has recently broken through a key support level and near pivot level of 13842.25 in line with 127.2% Fibonacci retracement . Price can potentially dip to the support level of 12724.25 in line with 78.5% Fibonacci projection and 38.2% Fibonacci retracement . Our bearish bias is supported by the Ichimoku cloud indicator
Alternative Scenario:
Price go to 1st resistance level of 14372.25 in line with 50% Fibonacci retracement
Fundamentals:
With impending rate hikes and Russo-Ukraine escalation, you can expect the Tech heavy NASDAQ to continue dipping. Investors continue to flock to safe haven assets leading to a downtrend continuation for NQ1! . As TA and FA align, NQ1! may 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.