Type:
Bearish Dip
Key Levels:
Resistance: 2748
Pivot: 2697
Support: 2596
Preferred Case:
We see the potential for a bearish dip from our pivot at 2697 in line with 78.6% Fibonacci projection and 138.2% Fibonacci extension towards our 1st support at 2596 in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is supported by price trading below Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 2748 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.
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.