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The has reached a key resistance zone right here after a pointy restoration over the previous couple of days:
As you’ll be able to see, the tech-heavy index is testing a bearish development line across the 14200-14300 space. Right here, we even have the 21-day exponential transferring common coming into play.
What the bears want to see here’s a reversal, ideally a pointy one at that, to take us beneath Monday’s low. I might then count on a continuation to a brand new 2022 low thereafter if that occurs.
So far as the bulls are involved, they nonetheless must see some additional bullish value motion to spice up their confidence amid the continued state of affairs with Russia/Ukraine. A closing break above this development line could be a welcome signal.
All informed, I’m leaning extra in the direction of the bearish argument than bullish right here and, as such, could be in search of bearish patterns to emerge to promote into this restoration.
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