Type:
Bearish Continuation
Key Levels:
Resistance: 153'30
Pivot: 1513'15
Support: 151'07
Preferred Case:
Price is trading in a descending channel and near pivot level of 153'15 in line with 50% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially dip to the 1st support level of 151'07 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the Ichimoku cloud indicator.
Alternative Scenario:
If prices continue to rally. Price can potentially dip to the 1st support level of 151'07 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection.
Fundamentals:
As russo-ukraine tensions continue to escalate. Bond prices will continue to increase as investors flock to safe haven assets. As fundamentals and technicals do not align, there is a risk factor when looking into 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.