Type:
Bearish Reversal
Key Levels:
Resistance: 1830.4
Pivot: 1818.4
Support: 1787.3
Preferred Case:
On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that prices will drop from our pivot at 1818.4 where the horizontal pullback resistance and 23.6% fibonacci retracement are to our 1st support at 1787.3 in line with swing low support and 78.6% fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 1830.4 in line with overlap resistance and 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.