Type:
Bearish Reversal
Key Levels:
Resistance:
Pivot:
Support:
Preferred Case:
Prices are on bearish momentum. We see the potential for a dip from our Pivot at 23.104 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension towards our 1st support at 22.831 in line with 50% Fibonacci retracement and 78.6% Fibonacci extension. RSI is portraying bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 23.217 in line with 23.6% 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.