Type:
Bearish Reversal
Key Levels:
Resistance: 1947.2
Pivot: 1938.4
Support: 1895
Preferred Case:
Prices have broken out of our ascending trendline. We see the potential for further bearish continuation from our Pivot at 1938.4 in line with 61.8% Fibonacci retracement towards our 1st support at 1895 in line with 61.8% Fibonacci Projection. Prices are trading below the Ichimoku cloud, further supporting our bearish bias.
Alternative Scenario:
Prices may climb towards our 1st resistance at 1947.2 in line with 100% Fibonacci Projection.
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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.