Type:
Bearish Reversal
Key Levels:
Resistance: 41572
Pivot: 39606
Support: 34413
Preferred Case:
On the H4, with price currently moving below the Ichimoku cloud, we have a bias that price will drop to our support at 34413 in line with the swing low support and 100% Fibonacci projection from our pivot at 39606 in line with the horizontal overlap resistance and 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st resistance at 41572 in line with the horizontal overlap resistance and 50% Fibonacci retracement.
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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.