Type:
Bearish Dip
Key Levels:
Resistance: 157'08
Pivot: 156'19
Support: 154'13
Preferred Case:
Price is near pivot level which is also a key graphical overlap resistance. Price can potentially dip to the support level of 154'13 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection . Our bearish bias is supported by the stochastic level as it is at resistance level .
Alternative Scenario:
Price can break this key graphical overlap level and go to the 1st resistance level of 157'08 in line with 50% Fibonacci retracement .
Fundamentals:
With RUSSO-UKRAINE conflict escalating , Treasury prices may increase as investors look into safe haven assets. As fundamentals and technicals do not align, there is a risk on factor when looking in to ZB1! .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.