Type:
Bearish Reversal
Key Levels:
Resistance: 2673
Pivot: 2651
Support: 2605
Preferred Case:
We see the potential for bearish reversal from our Pivot level at 2651 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st Support at 2605 in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where it is at resistance level.
Alternative Scenario:
If price continues to go up, it can potentially move towards our 1st Resistance level at 2673 which is in line with 100% Fibonacci projection.
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.