Type:
Bearish Reversal
Key Levels:
Resistance: 135.395
Pivot: 134.058
Support: 131.468
Preferred Case:
Price is dropping to the ascending trendline. Price is near Pivot level of 134.058 in line with 161.8% Fibonacci extension. Price can reversal towards the 1st support level of 131.468 which is in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where price is at resistance level.
Alternative Scenario:
Alternatively, price might move towards the 1st resistance level at 135.395 which is in line with 127.2% 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.