Type:
Bearish Reversal
Key Levels:
Resistance: 34682
Pivot: 34364
Support: 33678
Preferred Case:
With price approaching the resistance of the stochastics indicator, we have a bearish bias that price will drop from our pivot at 34364 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement to 1st support at 33678 in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 34682 where the 61.8% Fibonacci retracement is.
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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.