Type:
Bearish Reversal
Key Levels:
Resistance: 33432
Pivot: 33431
Support: : 32286
Preferred Case:
On the H4, with price moving below the Ichimoku cloud, we have a bias that price will drop from pivot of 33431 in line with the swing high resistance and 61.8% Fibonacci retracement to 1st support at 32286 in line with the swing low support and 78.6% Fibonacci projection. Our bearish bias is further supported by the descending trendline.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 33432 in line with the 61.8% Fibonacci projection.
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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.