Type:
Bearish Reversal
Key Levels:
Resistance: 1202'2
Pivot: 1148'4
Support: 1060'4
Preferred Case:
Prices are approaching our Pivot and at a strong resistance level. We see the potential for a further a dip from our Pivot at 1147'2 in line 100% Fibonacci Projection towards our 1st support at 1060'4 in line with 78.6% Fibonacci projection and 161.8% 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 1202'2 in line with 127.2% Fibonacci extension.
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.