Type: Bearish ContinuationKey Levels:Resistance: 153’02Pivot: 151’15Support: 150’05Preferred Case::With price moving below the Ichimoku cloud, we are biased that price retest at our pivot of 151’15 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance and dip to our 1st support at 150’05 in line with the horizontal swing low support and 127.2% Fibonacci extension level.Alternative Scenario:Alternatively, price could potentially break out pivot structure and head to 1st resistance at 153’02 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement.Fundamentals: As fears of russo-ukraine conflict wane. Treasury yields may continue its uptrend again thus causing prices to drop. The relationship of yields and prices is inversely related. With rate hikes just round the corner , yields will continue to climb.
Source: Tickmill
