Type:
Bearish Continuation
Key Levels:
Resistance: 15062
Pivot: 14519
Support: 13900
Preferred Case:
With price moving below the Ichimoku cloud, we are biased that price retest at our pivot of 14519 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance and dip to our 1st support at 13900 in line with the horizontal swing low support AND 127.2% Fibonacci extension level.
Alternative Scenario:
Alternatively, price could potentially break out pivot structure and head to 1st resistance at 15062 in line with the horizontal swing high resistance.
Fundamentals:
Stock futures continue to be under heavy pressure with impending rate hikes and developing tensions between Ukraine and Russia . With technicals and fundamentals aligning, market sentiments continue to be weakly bearish.
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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.