Type:
Bearish Continuation
Key Levels:
Resistance: 2709
Pivot: 2661
Support: 2495
Preferred Case:
We see the potential for bearish continuation from our Pivot at 2661 in line 50% Fibonacci retracement towards our 1st support at 2495in line with 61.8% Fibonacci projection, along with graphical swing low support. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator.
Alternative Scenario:
If price continues to go up, it can potentially move towards our 1st resistance at 2709 which is in line with 61.8% Fibonacci retracement.
Fundamentals:
No Major News.
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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.