Type:
Bullish Bounce
Key Levels:
Resistance: 154'10
Pivot: 152'09
Support: 151'08
Preferred Case:
Price has recently bounce from pivot level of 152'09 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection . Price can potentially go to resistance level of 154'10 in line with 78.6% Fibonacci retracement . Our bullish bias is supported by the moving average as price is trading above it.
Alternative Scenario:
Price can potentially dip to the support level of 151'08 in line with 127.2% Fibonacci projection.
Fundamentals:
With the Russo-Ukraine conflict escalating to an all out war, prices of bonds will continue to increase as investors flock to safe haven asset. Technicals and fundamentals align, thus ZB1! may 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.