Type: Bullish Rise
Resistance: 14627
Pivot: 14329
Support: 14120
Preferred case: Price is near pivot level of 14329 in line with 23.6% Fibonacci retracement . Price can potentially rise to our 1st resistance of 14627 in line with the horizontal swing high resistance. Our bullish bias is supported by how price is moving below the ichimoku cloud and moving above a possible forming trendline.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st Support at 14120 where the overlap support and 23.6% 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.
Resistance: 14627
Pivot: 14329
Support: 14120
Preferred case: Price is near pivot level of 14329 in line with 23.6% Fibonacci retracement . Price can potentially rise to our 1st resistance of 14627 in line with the horizontal swing high resistance. Our bullish bias is supported by how price is moving below the ichimoku cloud and moving above a possible forming trendline.
Alternative scenario: Alternatively , price may break pivot structure and head for 1st Support at 14120 where the overlap support and 23.6% 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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