Type:
Bullish Rise

Key Levels:
Resistance: 13427.50
Pivot: 12951.50
Support: 12691.50

Preferred Case:
On the H4, with price expected to bounce off the stochastic support, we have a bullish bias that price will rise from our pivot at 12951.50 where the pullback support, 23.6% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 13427.50 where the swing high resistance and 127.2% fibonacci extension are.

Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 12691.50 where the pullback support, 38.2% fibonacci retracement and 100% fibonacci projection are.

Fundamentals:
Due to the looming inflation report and struggle of its chip stocks, we have a bearish view on the Nas daq indice. We’ll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.