Type:
Bearish Reversal
Key Levels:
Resistance: 115.246
Pivot: 114.986
Support: 114.113
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for further bearish continuation from our Pivot at 114.986 in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement towards our 1st support at 114.113 in line with 200% Fibonacci Projection, 127.2% Fibonacci extension and 127.2% Fibonacci extension. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance and also clouds forecasting bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 115.246 in line with 61.8% Fibonacci extension.
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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.