Type:
Bearish Reversal
Key Levels:
Resistance: 2644
Pivot: 2597
Support: 2528
Preferred Case:
We see the potential for a bearish reversal from our pivot at 2597 in line with 50% Fibonacci retracement towards our 1st support at 4.7270 in line with 61.8% Fibonacci projection and 127.2% Fibonacci extension. Our bearish bias is supported by the stochastic indicator where price is at resistance level.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 2644 in line with 78.6% 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.