Type:
Bearish
Key Levels:
Resistance: 14829
Pivot: 14642
Support: 14270
Preferred Case:
With price expected to reverse off the stochastics resistance, we have a bearish bias that price will from our Pivot at 14870 in line pullback support and 78.6% Fibonacci retracement towards our 1st support at 14036 in line with the pullback support and 23.6% Fibonacci retreatment.
Alternative Scenario:
If prices were to reverse, price may potential rise towards our 1st resistance at 15541 which is in line with the overlap resistance.
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.