Type: Bullish ContinuationKey Levels:Resistance: 154″17Pivot: 153″10Support: 152″18Preferred Case:Price is trading in a descending channel and near pivot level of 153″10 in line with 23.6% Fibonacci retracement. Price can potentially go to the resistance level of 154″17 which is in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level.Alternative Scenario:Alternatively price can dip to the support level of 152″18 which is also 161.8% Fibonacci retracement.Fundamental news:Treasury yields continue to rise ahead of inflation data causing a decreases in prices. Yields will continue to increase as fed signals an aggressive hawkish tone with rate hikes. Do take note that fundamentals and technicals do no line up leading to a risk on factor in regards to ZB1!
Source: Tickmill
