Type:
Bearish Momentum
Key Levels:
Resistance: 4303.25
Pivot: 4159.25
Support: 3888.25
Preferred Case:
On the h4, with price moving into a bearish pressure area on the MACD indicator and moving in a descending trendline, we have a bearish bias that price will drop from the pivot at 4159.25 to the 1st support at 3888.25 in line with the 78.6% fibonacci retracement at the swing low.
Alternative Scenario:
Alternatively, price may reverse off the pivot to the 1st resistance at 4303.25 at the swing high in line with the 61.8% fibonacci retracement.
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.