Type:
Bearish Momentum
Key Levels:
Resistance: 38672.65
Pivot: 36071.55
Support: 34612.4
Preferred Case:
On the H4, with price recently reversing off the pivot , we have a bearish bias that price will drop from the pivot at 36071.55 in line with the 78.6% fibonacci retracement and swing high, to the overlap support at 34612.4 in line with the 78.6% fibonacci projection .
Alternative Scenario:
Alternatively, price may break the resistance level at the pivot and rise to the overlap resistance at 36872.65 in line with the 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.