Type:
Bearish Reversal
Key Levels:
Resistance: 2645
Pivot: 2607
Support: 2557
Preferred Case:
We see the potential for a bearish reversal from our pivot level at 2607 which is in line with 38.2% Fibonacci retracement and 100% Fibonacci projection towards our 1st support level at 2557 which is in line with 100% Fibonacci projection along with a graphical swing low support.
Alternative Scenario:
Alternatively, price might break our pivot structure and head for 1st resistance level at 2645 in line with 61.8% Fibonacci retracement.
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.