Type:
Bearish Drop
Key Levels:
Resistance: 15008
Pivot: 14912
Support : 14723
Preferred case:
With price moving close to the ichimoku cloud resistance, we have a bearish bias that price will drop from our Pivot at 14912 in line pullback resistance and 78.60% Fibonacci retracement towards our 1st support at 14723 in line with the latest swing low support and 127.20% Fibonacci retracement.
Alternative scenario:
If prices were to reverse, price may potential rise towards our 1st resistance at 15008 which is in line with the pull back resistance and 78.6% Fibonacci retracement level.
Fundamentals:
Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades which causes investors selling their bonds.
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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.