Type:
Bearish Reversal
Key Levels:
Resistance: 2836
Pivot: 2747
Support: 2334
Preferred Case:
On the H4, Price is near pivot level of 2747 in line with our horizontal swing high resistance and 50% Fibonacci retracement. Price can potentially dip to the graphical overlap support of 2334 in line with the swing low support. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it.
Alternative Scenario:
Alternatively, price can go to our 1st resistance level of 2836 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement is
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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.