Type:
Bearish Momentum
Key Levels:
Resistance: 14942
Pivot: 14602
Support: 13884
Preferred Case:
On the H4, with price moving into a bearish pressure area on the MACD indicator and price breaking the ascending trendline, we have a bearish bias that price will drop from our pivot at 14602 in line with the 78.6% fibonacci retracement and multiple swing highs to the 1st support at 13884 in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and rise to the 1st resistance at 14942 in line with the 78.6% fibonacci projection at the swing high.
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.