Type:
Bearish Drop
Key Levels:
Resistance: 13919
Pivot: 13666
Support: 12998
Preferred Case:
Price near pivot level of 13666 in line with 78.6% Fibonacci retracement. Price can potentially drop to our 1st support of 12998 in line with the 78.6% Fibonacci projection. Our bearish bias is supported by how price is moving below the Ichimoku cloud and expected to reverse off the potential descending trendline.
Alternative Scenario:
Alternatively , price may break pivot structure and head for 1st resistance at 13919 where the pullback resistance and 127.2% Fibonacci extension is.
Fundamentals:
With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might be a good opportunity to look into.
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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.