Type : Bearish Continuation
Resistance : 3986
Pivot: 3944
Intermediary Support: 3860
Support : 3831
Preferred Case: With price within the ichimoku cloud resistance, we have a bearish bias that price will drop to our support in line with the horizontal swing low support and 78.6% fibonacci projection from our pivot in line with the horizontal swing high resistance and 50% Fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 61.8% Fibonacci retracement. Take note of intermediary support at 3860.
Fundamentals: Stocks have been under pressure since the start of the year as investors have dumped stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession, with spillover effects from the war in Ukraine and the possibility of a slowdown in China from a rise in COVID-19 cases adding to the angst. Due to this, we currently have a bearish bias on the index.
Resistance : 3986
Pivot: 3944
Intermediary Support: 3860
Support : 3831
Preferred Case: With price within the ichimoku cloud resistance, we have a bearish bias that price will drop to our support in line with the horizontal swing low support and 78.6% fibonacci projection from our pivot in line with the horizontal swing high resistance and 50% Fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 61.8% Fibonacci retracement. Take note of intermediary support at 3860.
Fundamentals: Stocks have been under pressure since the start of the year as investors have dumped stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession, with spillover effects from the war in Ukraine and the possibility of a slowdown in China from a rise in COVID-19 cases adding to the angst. Due to this, we currently have a bearish bias on the index.
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