Type:
Bearish Dip
Key Levels:
Resistance: 34041
Pivot: 33144
Support: 32307
Preferred Case:
Price is at our pivot level of 33144 in line with the horizontal swing low support and 50% Fibonacci retracement. We are expecting a breakout at pivot and a potentially dip to our 1st support level of 32307 in line with 61.8% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price may head for our 1st resistance level of34041 in line with the horizontal overlap resistance and 78.6% Fibonacci projection.
Fundamentals:
With the ongoing Russia-Ukraine tension, we can expect to see bearishness in the US indices.
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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.