Type: Bearish Rise
Resistance: 14405
Pivot: 13118
Support: 12640
Preferred case: Price near pivot level of 13118 in line with 78.6% Fibonacci retracement. Price can potentially go to the resistance level of 14405 in line with the 100% Fibonacci projection. Our bullish bias is supported by how price is expected to bounce off the support of the RSI indicator.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st support at 12640 where the 127.2% Fibonacci extension 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.
Resistance: 14405
Pivot: 13118
Support: 12640
Preferred case: Price near pivot level of 13118 in line with 78.6% Fibonacci retracement. Price can potentially go to the resistance level of 14405 in line with the 100% Fibonacci projection. Our bullish bias is supported by how price is expected to bounce off the support of the RSI indicator.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st support at 12640 where the 127.2% Fibonacci extension 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.