Type:
Bearish Reversal
Key Levels:
Resistance: 239.15
Pivot: 235.90
Support: 230.05
Preferred Case:
We see the potential for a bearish dip from our pivot at 235.90 in line with 61.8% Fibonacci projection and 138.2% Fibonacci extension towards our 1st support at 230.05 in line with 38.2% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 239.15 in line with 78.6% 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.