Type:
Bearish Reversal
Key Levels:
Resistance: 154.47
Pivot: 153.935
Support: 152.656
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline resistance. We see the potential for further dips from our Pivot at 153.935 in line with 23.6% Fibonacci retracement towards our 1st support at 152.656 in line with 127.2% Fibonacci extension. Prices are trading below our Ichimoku cloud resistance further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb even higher towards our 1st resistance at 154.47 in line wtih 38.2% 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.