Type:
Bearish Dip
Key Levels:
Resistance: 2583
Pivot: 2548
Support: 2492
Preferred Case:
We see the potential for bullish continuation from our Pivot level at 2548 in line 38.2% Fibonacci retracement towards our 1st Support at 2492 in line 61.8% Fibonacci retracement. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator.
Alternative Scenario:
If price continues to go up, it can potentially move towards our 1st Resistance level at 2583 which is in line with with 50% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamentals:
No Major News.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.