GC1!, H4 | Potential Bearish Continuation, 20th June
Type
Bearish Breakout
Resistance: 1860
Pivot:1838.9
Support: 1807.4
Preference:
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will continue to drop from the pivot at 1838.9 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 1807.4 in line with the 78.6% fibonacci projection and multiple swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1860 in line with the 61.8% fibonacci projection and pullback resistance.
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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.