Title : NASDAQ(NQ1!), H4 potential for bearish dip
Type : Bearish Dip
Resistance : 14633.25
Pivot: 14266.25
Support : 13099.00
Preferred Case: Price is trading in a descending channel and near pivot level of 14266.25 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially dip to the support level of 13099.0 in line with 78.6% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator.
Alternative scenario: Price go to resistance level of 14633.25 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection.
Fundamentals: With the removal of Russia from the swift banking system, it is unsure what ramifications US economy will face with increased sanctions against one of the major economies in the world. Under increase pressure, NASDAQ may continue its downwards spiral.
Type : Bearish Dip
Resistance : 14633.25
Pivot: 14266.25
Support : 13099.00
Preferred Case: Price is trading in a descending channel and near pivot level of 14266.25 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially dip to the support level of 13099.0 in line with 78.6% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator.
Alternative scenario: Price go to resistance level of 14633.25 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection.
Fundamentals: With the removal of Russia from the swift banking system, it is unsure what ramifications US economy will face with increased sanctions against one of the major economies in the world. Under increase pressure, NASDAQ may continue its downwards spiral.