Type:
Bullish Rise
Key Levels:
Resistance: 14870
Pivot: 14090
Support: 13466
Preferred Case:
With price moving above the Ichimoku cloud, we have a bullish bias that price will from our Pivot at 14090 in line pullback support and 23.6% Fibonacci retracement towards our 1st resistance at 14870 in line with the pullback resistance and 78.6% Fibonacci retracement .
Alternative Scenario:
If prices were to reverse, price may potential drop towards our 1st support at 13466 which is in line with the swing low support and 50% Fibonacci retracement level.
Fundamentals:
With the concerns over the war in Ukraine, European stocks are expected to trade lower.
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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.