Type:
Bearish Drop
Key Levels:
Resistance: 14644
Pivot: 14099
Support: 12558
Preferred Case:
We see the potential for a further bearish drop from our Pivot at 14099 in line swing high resistance and 78.6% Fibonacci retracement towards our 1st support at 12558 in line with the swing low support. Our bearish bias is further supported prices trading below our Ichimoku clouds .
Alternative Scenario:
If prices were to reverse, they can potentially climb towards our 1st resistance at 14644 which is in line with the swing high resistance.
Fundamentals:
With the concerns over the war in Ukraine, European stocks are expected to trade lower.
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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.