Type:
Bearish Dip
Key Levels:
Resistance: 230.15
Pivot: 222.20
Support: 214.10
Preferred Case:
Price is near pivot level of 222.20 in line with the horizontal overlap support. Price can potentially dip to the support level of 214.10 in line with 78.6% Fibonacci retracement and 161.80% Fibonacci extension. Our bearish bias is supported by prices trading under the Ichimoku cloud indicator.
Alternative Scenario:
Price could also head towards the 1st resistance level of 230.15 in line with 23.6% Fibonacci retracement and 100% Fibonacci projection.
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.