Type:
Bearish Drop
Key Levels:
Resistance: 14619
Pivot: 14379
Support: 13133
Preferred Case:
On the H4, with price currently moving within the Ichimoku cloud , we have a bias that price will drop to our support at 13133 in line with the 100% Fibonacci projection from our pivot at 14379 in line with the 78.6% Fibonacci retracement and horizontal overlap resistance.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 14619 in line with the horizontal swing high resistance.
Fundamentals:
With the removal of Russia from the swift banking system, it is unsure what ramifications US economy will face with increase sanctions against one of the major economies in the world. With increase pressure, NASDAQ may continue its downwards spiral.
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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.