Type:
Bearish Continuation
Key Levels:
Resistance: 18.95
Pivot: 18.34
Support: 17.50
Preferred Case:
Price is near the pivot level of 18.34 in line with a 100% Fibonacci projection. We expect price to move towards 1st support level of 17.50 in line with a graphical swing low support.
Alternative Scenario:
Price may break our pivot structure and head for 1st resistance level at 17.50 in line with 38.2%.
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.