Type:
Bearish Dip
Key Levels:
Resistance: 13946
Pivot: 13484
Support: 12294
Preferred Case:
Price is near pivot level of 13484 in line with the horizontal overlap resistance. Price can potentially dip to the support level of 12294 in line with 100% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price could break pivot structure and head for our 1st resistance level of 13946 in line with the horizontal overlap resistance
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.