Type:
Bearish Reversal
Key Levels:
Resistance: 15725
Pivot: :15575
Support: 15052
Preferred Case:
With price approaching the resistance on the descending trendline and the resistance of the stochastics indicator, we are biased that price will drop our pivot at 15575 in line with the 61.8% Fibonacci projection and the 78.6% Fibonacci retracement to 1st support at 15052 in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 15725 in line with the 76.8% Fibonacci projection and horizontal swing high resistance.
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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.