Type: Bearish MomentumKey Levels:Resistance:12233.00Pivot: 11793.75Support: 11080.25Preferred Case:On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 11793.75 at the pullback resistance in line with the 50% fibonacci retracement to the 1st support at 11080.25 at the swing low in line with the 61.8% fibonacci projection ,Alternative Scenario:Alternatively, price may rise to the pivot and break the resistance to rise to the 1st resistance at 12233.00 at the swing high in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement .Fundamentals:With the possibility of US recession, soaring inflation and higher interest rates, we have a bearish bias on NAS DAQ.
Source: Tickmill
