Type:
Bearish Reversal
Key Levels:
Resistance: 1081.6
Pivot: 1068.6
Support: 1032.6
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a further bearish continuation from our Pivot at 1068.6 in line graphical overlap, descending trendline, 50% Fibonacci retracement and 23.6% Fibonacci retracement towards our 1st support at 1032.6 in line with 61.8% Fibonacci projection. Our bearish bias is further supported by Ichimoku trading below our Ichimoku cloud resistance.
Alternative Scenario:
If prices were to climb further, they can potentially rise towards our 1st resistance at 1081.6 in line with 50% 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.