Type : Bullish rise Resistance : 14405 Pivot: 13118 Support : 12667
Preferred Case: On the H4 chart, price is near our pivot of 13118 in line with horizontal overlap support and 78.6% Fibonacci projection. Price can potentially rise to our 1st resistance level at 14405 in line with the 100% Fibonacci projection. Our bullish bias is supported by how price is expected to bounce off support.
Alternative scenario: Alternatively, price may head to our 1st support at 12667 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
Fundamentals: With the ongoing Russia- Ukraine tension, we can expect to see bearishness in the US indices.