Type:
Bearish Dip
Key Levels:
Resistance: 14950
Pivot: 14870
Support: 14727
Preferred Case:
We see the potential bearish dip from our Pivot at 14870 in line 23.6% and 61.8% Fibonacci retracement towards our 1st support at 14727 in line with the horizontal swing low support and 61.8% Fibonacci projection. Our bearish bias is further supported by how price is moving below our Ichimoku cloud.
Alternative Scenario:
Price might move towards the 1st resistance level of 14950 in line with 38.2% Fibonacci retracement and swing high resistance.
Fundamentals:
Economic risks from inflation and tightening monetary policy causes bearish sentiments around indices.
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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.