Type:
Bearish Dip
Key Levels:
Resistance: 219.25
Pivot: 217.20
Support: 212.45
Preferred Case:
We see the potential for bearish reversal from our Pivot level at 217.50 in line 23.6% Fibonacci retracement towards our 1st Support at 212.45 in line with 61.8% Fibonacci projection. Our bearish bias is 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 219.25 which is in line with 38.2% 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.