Type:
Bearish Drop
Key Levels:
Resistance: 153.268
Pivot: 152.599
Support: : 151.017
Preferred Case:
On the H4, with price moving below our Ichimoku cloud, we have a bearish bias that price will dip to the 1st support level of 151.017 in line with swing low support from our pivot of 152.599 in line with the 38.2% Fibonacci
Alternative Scenario:
Alternatively, price may break our pivot and head for 1st resistance at 153.268 in line with the 50% Fibonacci retracement.
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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.