Type: Bearish ReversalKey levels:Resistance: 34996Pivot: 34213Support: 33286Preferred Case:Price near pivot level of 34213 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the 1st support level of 33286 in line with 38.2% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator. Alternative Scenario: Alternatively, price may go to the 1st resistance level of 34996 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. 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. However it is important to take note of the potential increase rate hike implemented by the FED. An increase in interest rate is beneficial to the DJI as it consist of many banks. However for now, the conflict takes priority and DJI may continue its potential downtrend.
Source: Tickmill
