Type:
Bearish Dip
Key Levels:
Resistance: 233.50
Pivot: 221.45
Support: 202.30
Preferred Case:
Price is near pivot level of 221.45 in line with 23.6% Fibonacci retracement. Price can potentially dip to the 1st support level of 202.30 which is a swing low support. Our bearish bias is further supported by price moving under the Ichimoku cloud indicator.
Alternative Scenario:
Price could also head towards the 1st resistance level of 233.50 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamentals:
No Major News
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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.