Type:
Bearish Drop
Key Levels:
Resistance: 14893
Pivot: 14683
Support: 14346
Preferred Case:
With price expected to reverse off the Ichimoku cloud resistance, we have a bearish bias that price will drop to our support at 14346 in line with the 78.6% Fibonacci projection and swing low support from our pivot at 14683 in line with the 61.8% Fibonacci retracement and swing high resistance.
Alternative Scenario:
Alternative scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 14893 in line with the 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.