Type:
Bearish Reversal
Key Levels:
Resistance: 155.869
Pivot: 155.404
Support: 153.971
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 155.404 which is an area of Fibonacci confluences towards our 1st support at 153.971 in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance and also RSI depicting bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 155.869 in line with 127.2% Fibonacci extension.
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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.