Type:
Bearish Momentum
Key Levels:
Resistance: 814'4
Pivot: 807'4
Support: 795'4
Preferred Case:
We see the potential for a bearish dip from our pivot level at 807'4 in line with 38.2% Fibonacci retracement towards our 1st support level at 795'4 in line with 50% Fibonacci retracement, 61.8% Fibonacci projection and -27.2% Fibonacci expansion.
Alternative Scenario:
Alternatively, price might break our pivot structure and head for 1st resistance level at 814'4 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.