Type:
Bullish Continuation
Key Levels:
Resistance: 14612.50
Pivot: 14144.75
Support: 13851.50
Preferred Case:
Price is near pivot level of 14144.75 in line with 38.2% Fibonacci retracement. Price can potentially continue its uptrend to 1st resistance level of 14612.50 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it shows a divergence
Alternative Scenario:
Price dip to 1st support level of 13851.50 in line with 78.6% Fibonacci projection and 127.2% 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 do not align, we urge investors to stay on the sidelines.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.