Type:
Bearish Continuation
Key Levels:
Resistance: 11122'2
Pivot: 1105'2
Support: 1080'4
Preferred Case:
With the MACD indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the 50% Fibonacci retracement and horizontal pullback support from our pivot of 1105'2 in line with the 23.6% Fibonacci retracement and the horizontal overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance in line with the 127.2% Fibonacci extension and horizontal swing high resistance.
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.