Type:
Bearish Drop
Key Levels:
Resistance: 34564
Pivot: 34143
Support: 33425
Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our support at 14049 in line with the horizontal overlap support from our pivot at 34143 in line with the 38.2% Fibonacci retracement and graphical overlap.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 33425 in line with 61.8% Fibonacci retracement.
Fundamentals:
With the concerns over the war in Ukraine, 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.