Title : NQ1! H4 | Bearish Dip


Title : NQ1! H4 | Bearish Dip

Title : NQ1! H4 | Bearish Dip
Type: Bullish dip
Resistance: 14372.25
Pivot : 13842.25
Support: 12724.25

Preferred Case: Price has recently broken through a key support level and near pivot level of 13842.25 in line with 127.2% Fibonacci retracement . Price can potentially dip to the support level of 12724.25 in line with 78.5% Fibonacci projection and 38.2% Fibonacci retracement . Our bearish bias is supported by the ichimoku cloud indicator

Alternative scenario: Price go to 1st resistance level of 14372.25 in line with 50% Fibonacci retracement

Fundamentals : With impending rate hikes and Russo-Ukraine escalation, you can expect the Tech heavy NASDAQ to continue dipping. Investors continue to flock to safe haven assets leading to a downtrend continuation for NQ1! . As TA and FA align, NQ1! may be a good opportunity to look into