Type : Bearish Dip
Resistance : 34041
Pivot: 33144
Support : 32307
Preferred Case: Price is at our pivot level of 33144 in line with the horizontal swing low support and 50% Fibonacci retracement. We are expecting a breakout at pivot and a potentially dip to our 1st support level of 32307 in line with 61.8% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator.
Alternative scenario: Alternatively, price may head for our 1st resistance level of34041 in line with the horizontal overlap resistance and 78.6% Fibonacci projection.
Fundamentals: With the ongoing Russia-Ukraine tension, we can expect to see bearishness in the US indices.
Resistance : 34041
Pivot: 33144
Support : 32307
Preferred Case: Price is at our pivot level of 33144 in line with the horizontal swing low support and 50% Fibonacci retracement. We are expecting a breakout at pivot and a potentially dip to our 1st support level of 32307 in line with 61.8% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator.
Alternative scenario: Alternatively, price may head for our 1st resistance level of34041 in line with the horizontal overlap resistance and 78.6% Fibonacci projection.
Fundamentals: With the ongoing Russia-Ukraine tension, we can expect to see bearishness in the US indices.