Type:
Bearish Dip
Key Levels:
Resistance: 14372.25
Pivot: 13842.25
Support: 12724.25
Preferred Case:
Price has recently broken through a key support level and near pivot level of 14034 in line with 38.2% Fibonacci retracement . Price can potentially dip to the support level of 13624 in line with the horizontal swing low support . Our bearish bias is supported by the ichimoku cloud indicator
Alternative Scenario:
Price may go to 1st resistance level of 14407 in line with 78.6% Fibonacci retracement.
Fundamentals:
Stock futures continue to cripple under growing pressure due to the escalating tensions between Ukraine and Russia. With sanctions proposed by the respective countries , NASDAQ will certainly continue its downtrend.
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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.