Type:
Bearish Reversal
Key Levels:
Resistance: 782'2
Pivot: 765'0
Support: 730'0
Preferred Case:
We see the potential for bearish dip from our Pivot level at 765'0 in line 61.8% Fibonacci retracement and 100% Fibonacci projection towards our 1st Support at 730'0 in line with 78.6% Fibonacci projection.
Alternative Scenario:
If price continues to go up, it can potentially move towards our 1st Resistance level at 782'2 which is in line with a graphical swing high resistance.
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.