Type:
Bullish Continuation
Key Levels:
Resistance: 154'09
Pivot: 152'21
Support: 151'15
Preferred Case:
Price is near pivot level of 152'21 in line with 50% Fibonacci retracement. Price can potentially go to the 1st resistance of 154'09 which is also the graphical swing high level. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above the clouds
Alternative Scenario:
Price can dip to the 1st support level of 151'15 in line with 78.6% Fibonacci retracement.
Fundamentals:
With the RUSSO-UKRAINE conflict , numerous countries has step forward to implement sanctions in hope that it will act as a deterrence for a full on invasion. However, conflict between Russia and Ukraine continue to escalate. This caused the prices of 10 year T-bonds to increase as investors flock to safe haven assets.
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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.