Type:
Bearish Reversal
Key Levels:
Resistance: 239.30
Pivot: 232
Support: 221.25
Preferred Case:
Price is near pivot level of 232 in line with 23.6% Fibonacci retracement. Price can potentially dip to the support level of 221.25 with a graphical swing low level. Our bearish bias is supported by prices trading under the Ichimoku cloud indicator.
Alternative Scenario:
Price could also head towards the 1st resistance level of 239.30 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamentals:
No Major News
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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.