Type:
Bearish Reversal
Key Levels:
Resistance: 91.248
Pivot: 91.058
Support: 90.477
Preferred Case:
Prices are abiding to our ascending trendline. We see the potential for a dip from our Pivot at 91.058 in line with 127.2% Fibonacci extension towards our 1st support at 90.477 in line with 78.6% Fibonacci extension. Ichimoku clouds is confirming our bearish bias and RSI are at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices can climb towards our 1st resistance at 91.248 in line with 161.8% 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.