Type:
Bearish Drop
Key Levels:
Resistance: 1643'2|
Pivot: 1623'2
Support: 1579'6
Preferred Case:
With price moving below the Ichimoku cloud and expected to reverse off the stochastics indicator, we see a potential bearish dip from our Pivot at 1623'2 in line 38.2% Fibonacci retracement towards our 1st support at 1579'6 in line with the horizontal swing low support and 161.8% Fibonacci extension.
Alternative Scenario:
Alternatively, if price breaks our pivot structure, it may head for 1st resistance at 1643'2 in line with the 61.8% Fibonacci retracement and horizontal pullback resistance.
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.