Title : Nasdaq futures (NQ1!), H4 bearish reversal
Type : Bearish Reversal
Resistance : 15059.50
Pivot : 14645.75
Support : 13762.50
Preferred case: Price is trading in a descending channel and near pivot level of 14645.75 in line with 78.6% Fibonacci retracement. Price can potentially dip to the take profit level of 13762.50 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level.
Preferred case: Price potentially have a break out from the descending channel and go to the graphical swing high resistance of 15059.50
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 Reversal
Resistance : 15059.50
Pivot : 14645.75
Support : 13762.50
Preferred case: Price is trading in a descending channel and near pivot level of 14645.75 in line with 78.6% Fibonacci retracement. Price can potentially dip to the take profit level of 13762.50 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level.
Preferred case: Price potentially have a break out from the descending channel and go to the graphical swing high resistance of 15059.50
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.