Type:
Bullish Rise
Key Levels:
Resistance: 14382
Pivot: 13666
Support: 13135
Preferred Case:
Price near pivot level of 13666 in line with 38.2% Fibonacci retracement. Price can potentially rise to our 1st resistance of 14382 in line with the 161.8% Fibonacci projection. Our bullish bias is supported by how price is moving below the ichimoku cloud.
Alternative Scenario:
Alternatively , price may break pivot structure and head for 1st Support at 13135 where the pullback support and 78.6% Fibonacci retracement is.
Fundamentals:
With the escalation of the RUSSO-UKRAINE war and the gradual increase sanctions on the Russia economy, it is unlikely that NASDAQ will break the bear market cycle anytime soon. As technicals and fundamentals align, NQ1! might 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.